Citigroup has signed a deal to acquire ING’s custody and securities services business in seven central and eastern European countries, giving the custody giant access to a new market at a time of consolidation among smaller providers.

Citi Securities and Fund Services will add €110bn in assets under custody to its current $12 trillion, and is gaining local custody and securities services business in Bulgaria, a country it does not currently service. The other six countries - where Citi already has custody offerings - covered by the deal are the Czech Republic, Hungary, Romania, Russia, Slovakia and Ukraine.