Citi has finalised a client transfer agreement with RBC Investor & Treasury Services in Australia. The announcement follows Citi and RBC signing a memorandum of understanding in November 2019, with the intent to facilitate an orderly transfer of the RBC client base to Citi over a 12-24 month period. The transaction will enable Citi’s securities services business to build out its Sydney presence, whilst also bolstering its Kuala Lumpur regional operations site, with a number of RBC’s Kuala Lumpur-based employees expected to join Citi.
