Citi Australia inks client transfer agreement with Royal Bank of Canada

RBC’s staff from Australia and Kuala Lumpur will be transferred to Citi.

Citi Australia has finalised a client transfer agreement with the Royal Bank of Canada’s (RBC) custody business, which will see RBC’s client based transferred to Citi over a 12 to 24 month period, the bank announced in a press release.

The move reportedly cements Citi’s position as a leading custodian in the Australian market and grows its market share in the industry, the bank stated.

This follows after Citi and RBC signed a memorandum of understanding in November 2019.

The agreement will also expand the bank’s headcount as Citi Australia welcomes a “large number of new employees” previously associated with RBC’s custody business. It also enables Citi Securities Services to build out its Sydney footprint to add to Citi Australia’s presence in Melbourne.

A number of RBC’s Kuala Lumpur-based employees are also expected to join Citi.