SEB in E15bn Finnish custody tie
FINLAND – SEB Merchant Banking will take over the Finnish custody and clearing customers of market operator OHMEX, in a move that will add 15 billion euros to its assets under custody.
“Under the agreement, SEB will through its Helsinki branch assume responsibility for the OMHEX custody customers, which are today handled through the Finnish subsidiary HBO,” the two companies said in a statement. Financial terms of the deal were not disclosed.
SEB and OMHEX will continue to handle transaction processing for clients in Finland on behalf of SEB through an outsourcing agreement.
They said the deal would see SEB's assets under custody in Finland rise by 15 billion euros, or five percent.
“OMHEX is a natural partner for us when working towards a more efficient Nordic capital market,” said Mikael Björknert, SEB’s head of securities services. “Clearing, settlement and custody are extremely important parts of the whole chain for investors and market participants.”
“This agreement further defines and strengthens our position as a provider of efficient transaction processing in the Nordic market,” said Klas Ståhl, president of OM Technology.
SEB and OMHEX added that they would carry out a study for a back-office service for banks and brokerage firms in the Nordic market.