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Societe Generale Securities Services wins Clearstream settlement and custody mandate in Romania

22/10/2018

Clearstream Banking S.A., a major International Central Securities Depository (ICSD), appoints Societe Generale Securities Services (SGSS) to become its account operator and custodian for all domestic securities. The new link will also include equities and corporate bonds.

SGSS in Romania is the leader on the custody and depository banking services market, with assets under custody in Central Securities Depositories (CSD) accounting for over 49% of market share among all custodians and 69% of global market share including depository and custody services.

“The addition of Clearstream, a subsidiary of the Deutsche Börse Group, reinforces our market share in Romania and reflects the continued strong development of international clients serviced by SGSS in the region”, comments Andrew Duffin, Head of Sales and Relationship Management, UK and Ireland.

In Romania, SGSS operates locally through BRD, part of the Societe Generale group, and thus benefits from BRD’s leading position as the third-largest bank in terms of assets in the country. BRD is also Romania’s top listed bank, with nearly 750 branches and more than 7,500 employees serving 2.3 million customers. 

Clearstream selected SGSS for the quality of its service offering and for its long-standing expertise, providing securities services in the Romanian market coupled with proven local knowledge and experience.

SGSS’ extensive track record and expertise providing account operator and pure custody services for infrastructures in a range of markets, also contributed to the client’s decision, as well as the strong market advocacy and adaptability and willingness to develop a solution to meet client expectations.

Jan Willems, Head of Global Markets at Clearstream, adds: “The partnership with SGSS supports us in offering the highest quality service for Romanian government securities, equities, as well as municipal and corporate bonds to our international clients – as the first ICSD to cover these asset classes.”

Since 2014, the excellence of SGSS’ services in Romania has been recognised by Global Finance, Global Investor, and Global Custody magazines for sub-custody services in the Romanian market, offered to both local and international customers.

 

Clearstream

As an international central securities depository (ICSD) headquartered in Luxembourg, Clearstream – a Deutsche Börse Group subsidiary – provides the post-trade infrastructure for the Eurobond market and services for securities from 57 domestic markets worldwide. Clearstream’s customers comprise approximately 2,500 financial institutions in more than 110 countries. Its services include the issuance, settlement and custody of securities, as well as investment fund services and global securities financing. With more than 13 trillion Euros in assets under custody, Clearstream is one of the world’s largest settlement and custody firms for domestic and international securities.

For more information, you can visit Clearstream’s website www.clearstream.com

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