The Competition Heats Up

The Competition Heats Up

The formerly placid, back-office world of Latin American custody services is fast becoming a competitive battleground. More institutions are looking to carve themselves a slice of the business, while the development of local pension funds means that there is a bigger prize to fight over. The cracks that began to appear recently in the custody market's duopoly -long held by Citibank and BankBoston (now part of FleetBoston Financial) - are widening. Spain's Banco Santander has pried open a number of markets and is winning more of the international business that comes from the global custodians. Increasingly, global custodians see Santander as a third force at the regional level alongside

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