Global Finance names SEB banka the best provider of custody services in Latvia

Having assessed the providers of custody services in more than 80 countries, the international financial magazine Global Finance named SEB the best provider of securities and custody services in Latvia. The performance of the banks of SEB Group in Latvia, Estonia and Sweden has also been highly appreciated by the financial experts.

Securities and custody services comprise the accounting for the securities purchased by the customer, keeping the securities in safe custody, settlements as well as services related to transactions in securities.

Gatis Simsons, Senior Manager of Custody Services at SEB banka:

“2017 has been a very dynamic year in the securities services sector. A number of key changes have been implemented. Nasdaq CSD SE has been established, uniting the central depositories of Latvia, Estonia, and Lithuania into a single legal entity. Furthermore, Nasdaq CSD SE replaced their depository systems in Latvia and Lithuania, changing over to the system DEPEND, which is now common in all three countries. In addition, all three Baltic countries have joined the European TAREGT2 securities (T2s) settlement platform, which is an important financial market infrastructure project led by the European Central Bank. Implementing the provisions of the EU directives MiFID II and UCITS V in Latvia was another major event.

The acknowledgment by the international experts supports that we have been successful in adapting to work practices with the new systems and are capable of meeting the requirements laid down in T2s, while keeping the quality of our services consistently high. This award is a great recognition of the efforts of the bank's employees engaged in providing the most convenient and suitable securities services to our customers on a daily basis.”

The winners are determined taking into consideration the recommendations of financial experts, the opinions of the top brokers, securities professionals, and the providers of trust services, as well as the assessment of the editor and journalists of Global Finance. The winners in this category have been determined for the 16th consecutive year.

The key criteria for evaluating service providers are related to the quality of services, experience in cooperating with customers, the competitiveness of the prices of services, technological platforms, settlements for transactions, the business continuity plan, compliance with the local regulating laws and regulations as well as market awareness. The full list of winners will be published in the July/August edition of Global Finance. The awards ceremony will be held in Sydney in October.

Published since 1987, the magazine Global Finance is aimed at financial professionals. At present, it has more than 50 thousand subscribers in 193 countries in the world. The executives and professionals of corporate and financial institutions represent a significant audience of the magazine.