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 | Standard Bank selected as Nordea Bank's South Africa sub-custodian |  |  |
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09 July 2003
Standard Bank has been selected to provide South Africa settlement, safekeeping and cash related services to Nordea Bank, the leading financial services group in the Nordic and Baltic Sea region.
"Standard Bank has shown that it is a well structured and risk focused bank with products that will meet the needs and growing demands of Nordea's clients. Standard Bank's high priority to risk management, and the ability to provide better deadlines for transactions and funding instructions enables Nordea to present the highest level of security and performance to its clients in a market which is still regarded as emerging by its investors," says Phillip Williams, Nordea Network Manager.
"We are delighted that Nordea has selected Standard Bank as its South African custodial services agent," says David Price, Director of Standard Bank's Financial Asset Services. "The Nordea mandate re-affirms Standard Bank's commitment to delivering high quality custody solutions to institutional investors around the globe, and our leading position in the ever changing South African custody industry."
Nordea, with its strong presence in Finland, Denmark, Sweden and Norway, has approximately EUR 262 billion in assets. It is also a leading asset manager in the Nordic financial market with EUR 95 billion under management, and has the largest customer base of any financial services group in that region, with 9.7 million personal customers and 1 million corporate customers. The Nordea share is listed in Stockholm, Helsinki and Copenhagen.
The Financial Asset Services Division of Standard Bank currently has over ZAR 750 billion in assets under custody and provides custody, trustee, securities lending and accounting related services to South African unit trust companies, fund managers, retirement funds, international broker dealers and global custodians.
For more information contact: Amanda le Roux at +27 11 636 3904
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