TLondon and Almaty – Citi today announced that it has been appointed by The National Bank of Kazakhstan (NBK) to act as a custodian for a portion of assets amounting to approximately $5B of The National Fund of the Republic of Kazakhstan. Citi will also act as their securities lending agent bank, providing securities lending for Global Tactical Assets Allocation (GTAA) which is comprised of 75% fixed income and 25% equity securities, as well as additional equities portfolios.

Medet Sartbayev, Deputy Governor at The National Bank of Kazakhstan said, “With our fund growing at such a significant rate, we initiated a search for an additional custodian and Citi designed a customised custody and securities lending solution to meet our growing needs. Citi’s global reach, extensive local capabilities and strong credit rating made them a natural partner for us.”

Francesco Vanni d'Archirafi, Global Transaction Services and Commercial Bank Head for Europe, Middle East and Africa at Citi said, “Citi’s appointment by The National Bank of Kazakhstan underscores our commitment to serving the public sector throughout EMEA. We are honoured to be working with The National Bank of Kazakhstan and are dedicated to offering them the solutions and support they require as they continue on their trajectory of growth.”

Daniel Connelly, Citi Country Officer for Kazakhstan said, “Citi has been on the ground in Kazakhstan since 1994 and is absolutely committed to our business here. The deal with The National Bank of Kazakhstan marks a milestone for Citi in this important market and we look forward to building on our success in the months ahead.”

The National Fund of the Republic of Kazakhstan was established in order to ensure stable social and economic development of the country, accumulate financial resources for future generations and reduce the economy's susceptibility in relation to unfavourable external factors. Kazakhstan is considered a model transition economy and of all the post-communist economies is ranked first in foreign direct investment as a percentage of GDP and second only to Hungary in per capita FDI.