Renta4, a publicly listed Spanish bank specialized in wealth management, brokerage services and corporate advisory, has selected Citi to provide execution to custody (E2C) services for transactions in China A-Shares through the Shanghai-Hong Kong Stock Connect (Stock Connect).

Under the terms of the deal, Citi will facilitate the trades by providing an integrated pre- and post-trade solution including execution, settlement and custody services.

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Through this agreement, Renta4 will become the first Spanish financial firm to directly access the China A-Share market.

Renta4 CEO Luis Lopez said: "The opening of the Chinese capital markets offers a wealth of investment opportunities to our clients and tapping this significant market was a logical step in our growth strategy. Stock Connect revolutionizes access to the market by proposing a much simpler option than previous access routes, however the scheme still presents some challenges, which Citi has seamlessly helped us navigate."

Benoit Dethier, European head of Asia Flows for Securities Services at Citi, said: "We are pleased to have been selected by Renta4 to support the launch of their access into the China A-Share market.

"Renta4have positioned themselves as a pioneer in the Spanish market and we look forward to contributing to their global growth strategy while further strengthening our long-term Execution to Custody relationship with them."

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Cindy Chen, Hong Kong head of securities services, Citi commented, "In just one year, the average daily trading volume of Stock Connect’s Northbound Trading Link has reached US$1 billion, accounting for approximately 10% of Hong Kong’s daily market turnover. Over time, we expect Stock Connect to become the primary channel for global investors to access Mainland China securities as more institutions, like Renta4, start leveraging this new channel."