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UBS: Hello Clearstream;Goodbye Euroclear

UBS: Hello Clearstream;Goodbye Euroclear

UBS: Hello Clearstream;Goodbye Euroclear
June 7, 2013
Swiss bank UBS is consolidating the majority of its securities custody, settlement and financing business with international securities depository Clearstream following an 18-month assessment.
The phased migration planned for late 2013, which involves the investment bank portfolio, is a loss for rival Euroclear Bank in Brussels. However, a statement issued by Clearstream in Luxembourg did not quantify the value of assets involved, leaving it unclear just how much, or even whether, Euroclear Bank's bottom line would be significantly affected. Clearstream already services UBS' wealth management business.
While it is common for large global banks to divide their securities assets among both international securities depositories and even shift the percentage each depository holds, it is rare to allow either depository to publicize the matter.
Ulrich Hoffman, UBS' head of group operations, says the decision to appoint Clearstream as UBS' primary international securities depository helps create operational synergies across UBS. "This is consistent with our group operations strategy to further simplify, align and consolidate our network and post-trade processing across all business divisions where possible," he explains in the statement issued by Clearstream. Hoffman did not specify whether cost savings were involved as is often the case with such initiatives.

http://www.globalcustody.net/uk/newswire_latest_409/

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