Finland: Upcoming change of provider by year-end
Further to Nordea’s decision to exit the sub-custody business, Clearstream Banking1 would like to inform customers and reassure them of its continuous commitment to the Nordic markets, including Finland.
Background
As Clearstream Banking is using Nordea as a local service provider for the Finnish market, it will ensure a smooth migration from Nordea to the new provider in time for the exit of Nordea at the end of this year. This will allow Clearstream Banking to continue serving customers across the established product and service components at the highest level of satisfaction.
At present, Clearstream Banking provides services for customers in the following Nordic markets:
- Denmark;
- Finland;
- Iceland;
- Norway; and
- Sweden.
Impact on customers
Clearstream Banking’s direct link to Euroclear Finland (EFi) will remain largely unaffected by Nordea’s decision to exit the sub-custody business, since it will only change the agent and technical operator of the direct account at EFi.
Clearstream Banking is currently assessing the provider options in Finland, identifying the most appropriate partner that will deliver the highest quality standards, meeting strategic needs and supporting future service ambitions.
Further information
Additional information on the migration will be communicated in a separate customer announcement in H2 2021.
For further information customers may contact Clearstream Banking Customer Service or their Relationship Officer.
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1. Clearstream Banking refers collectively to Clearstream Banking S.A., registered office at 42, avenue John F. Kennedy, L-1855 Luxembourg, and registered with the Luxembourg Trade and Companies Register under number B-9248, and Clearstream Banking AG (for Clearstream Banking AG customers using Creation Accounts), registered office at 61, Mergenthalerallee, 65760 Eschborn, Germany and registered in Register B of the Amtsgericht Frankfurt am Main, Germany under number HRB 7500.