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Citibank chosen as new custodian

5 May 2014

We have appointed Citibank as our Global Custodian to provide Global Custody and Securities Lending Services.

Norges Bank Investment Management has completed a comprehensive tender process for Global Custody and Securities Lending Services. This process was carried out using a Request for Proposal (RFP). We carried out a detailed evaluation using the published award criteria.

Norges Bank Investment management is pleased to announce that it has appointed Citibank N.A  as its Global Custodian to provide Global Custody and Securities Lending Services for the Government Pension Fund Global and the Foreign Exchange Reserves managed by Norges Bank Investment Management.

Citi has demonstrated a commitment to the custody business through their proprietary sub custodian network and investment in technology, enabling them to deliver custody services in an integrated, efficient and transparent manner.

The Government Pension Fund Global currently invests in 82 countries and 44 currencies and continues to expand investments in emerging markets.

The selection of a new Global Custodian supports our strategic goal to achieve the highest possible operational automation and efficiency in each market that we invest in to realise increased efficiencies and robustness in the Norges Bank Investment Management organisation at a competitive cost. 

See also Citibanks press release.