Dutch banks loosen hold on custody market

ABN Amro and ING assemblage the first and second-largest banks respectively in the Netherlands, have the couple made moves over the last month to restore their presence in the custody business.

ABN Amro is selling its domestic custody operations in eight markets to Citigroup, while ING is selling Baring Asset Management in sum of two units parts to two US players. The investment management business is being sold to MassMutual Financial cluster and the fund administration, custody and trust business is being sold to Northern Trust.

ABN Amro has agreed to sell--for an undisclosed sum--its domestic custody businesses in the Netherlands, Greece Poland,