Citi, one of the largest banks in the world, announced today that it has partnered with the fintech firm Sharegain to launch a fully automated securities lending solution for wealth management companies.
According to the official announcement, the newly launched solution by Citi will enable wealth managers to deliver a securities lending program to their clients. The bank mentioned that it has designed the solution in a manner to integrate with the existing IT infrastructure of the wealth managers.
Citi said that wealth management firms can now earn additional revenue on their stocks, bonds, and ETFs, without developing an internal program from scratch. The newly launched solution provides a fully digital experience.
Commenting on the latest announcement, Stuart Jarvis, EMEA head of Agency Securities Lending at Citi, said: “It’s our ambition to provide Citi custody clients with the world’s leading agency securities lending service. Securities lending is a well-established practice among institutional investors, but one that most private investors have been unable to benefit from. That’s why our clients are demanding a tailored, automated securities lending service they can offer to their end customers.”
In August 2020, the bank expanded its Nordic operations and launched direct custody and clearing in Finland.
Citi Agency Securities Lending
The bank mentioned in the press release that the Citi Agency Securities Lending has an extensive global presence with trading desks in 5 countries covering 75 lending markets. Citi added that the idea for an automated securities lending solution was born from the bank’s D10X program. “In a world where new technologies are transforming the way we do business, Citi is embracing innovative ideas to deliver new services to our clients. Partnering with Sharegain allows us to provide a digital securities lending solution that is flexible, scalable, and easily integrates with our client’s existing systems,” Chris Cox, Global Head of Data and Digitization and EMEA Head of Securities Services at Citi mentioned in the official announcement.