HONG KONG Citigroup Inc (C.N) and UBS AG UBSN.VX have teamed up for the first time to jointly offer matching, settlement and other services to broker-dealers in the Asia-Pacific region.
The move will provide broker-dealers with middle- and back-office support and enable them to cut costs, Citi said in a statement on Wednesday. Clearing, asset-servicing and custody capabilities will also be offered, it said.
"Firms are increasingly having to review their operating options given the extreme pressure on cost bases and a regulatory environment that is highly challenging and rapidly evolving," UBS's regional head of group operations Andrew Murfin said in the statement.
No details of the investment by either bank was provided in the statement.
(Reporting by Clare Baldwin; Editing by Muralikumar Anantharaman)