Citi Australia announced today that it has entered into a client transfer agreement with royal Bank of Canada (RBC) deposit operations. Citi is a leading provider of securities and fund services that provides integrated cash management, trading, investment and fund services to clients around the world. With a network of more than 95 countries, Citi supports more than 65,000 customers. In the first quarter of 2013, it held an average of $415 billion in liabilities and $13.5 trillion in assets retained. ING announced today that it has reached an agreement to transfer its local deposit services business in seven Central and Eastern European countries to Citi, one of the world`s largest deposit service providers. ING Bank will continue to offer a wide range of commercial banking products in the Central and Eastern European region. ING`s commercial banking network in the EEC comprises 10 countries that offer credit, transaction, financial services and financial products to their local and international clients. ING will continue to offer deposit services in Poland, where it is an integral part of the comprehensive banking service offering. Today`s transaction does not affect ING`s retail operations or ING`s insurance and investment management activities in the Central and Eastern European region. ING`s child care services offer a number of products to primarily institutional clients, including securities retention, securities settlement and the collection of information and income on deposited securities. The transaction announced today covers some 130 FTEs in the region and approximately 110 billion euros in assets retained in the first quarter of 2013. Martin Carpenter, head of security services at Citi Australia, expects the majority of customers to switch to Citi, taking advantage of the industry`s leading platforms, proprietary deposit network and the bank`s excellent customer service. “In addition to working with new customers, we look forward to welcoming a large number of new citi employees, and the additional operational scale will be very useful for our new and existing customers.” Andrew Allen, Managing Director of RBC, said: “We are proud of the company we founded in Australia; However, after careful consideration, we came to the conclusion that due to the complex and dynamic nature of the market in Australia, it has been difficult for us to extend the business to the size and size of thought necessary to provide reasonable value to our shareholders and customers.