Erste Group Bank Joins Citiconnect

Published: 14-Sep-2009

Erste will be added as a third party broker, and will be able to accept electronic orders for Central and Eastern European markets

Citi announced that its Global Transaction Services business has been awarded a new mandate from Erste Group Bank, Vienna-based banking group, that allows the Citi clients to route orders through CitiConnect for Securities to Erste, providing execution access to 15 Central and Eastern European markets.

Reportedly, Erste Group Bank has joined the CitiConnect for Securities platform and Erste will be added as a third party broker, and will be able to accept electronic orders for Central and Eastern European markets including, Austria, Poland, Hungary, The Czech Republic, Croatia, Romania, Bulgaria, Serbia, The Slovak Republic, Slovenia, Lithuania, Latvia, Estonia, Turkey and Russia.

Citi has said that CitiConnect for Securities is an open architecture, standardized global platform providing full trade life-cycle services for equities, collective investment schemes and investment funds, including hedge funds.

Citi has further added that the equity trading capability provides Citi's clients access to a network of 3rd party brokers, including its own broker Citi Global Markets. This venture is expected to allow Citi clients the ability to route orders through CitiConnect for Securities to Erste, providing execution access to these 15 Central and Eastern European markets.

Kurt Gerhold, head of equity retail sales, Erste Group Bank, said: "This new opportunity will enable us to provide extended market execution coverage for equities to Citi's clients."

Andrew Gelb, head of securities and fund services for Europe, the Middle East & Africa, Citi, said: "We are delighted by this further alliance with Erste Group Bank, and their broad footprint in Central and Eastern Europe. CitiConnect for Securities provides an exceptional operational offering by combining execution in equities and collective investment schemes with our custody services through an order driven trade to settlement service."

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