Amid mounting tension in Ukraine, Citigroup’s integration of the central and eastern European business it agreed to buy from ING Securities Services is nearing completion.

Reto Faber, Europe, Middle East and Africa head of direct custody and clearing at Citi in London, said: "While we expect the Ukraine situation to have a short-term impact on [direct custody and clearing] revenue, we remain confident about the positive outlook for CEE over the medium and long term."