Citi Pakistan has become a custodian clearing member and the settlement bank forof the National Clearing Company of Pakistan (NCCPL). From April 2011, Citi will carry out clearing and settlement of itstheir foreign investor client trades throughwith NCCPL. This is yet another demonstration of Citi’s efforts to remain committed towards shaping market developments and supporting regulatory initiatives in Pakistan.
Arif Usmani, Citi Country Officer said, 'Our effort towards driving local market change, in partnership with regulators and other industry participants, is a reiteration of our commitment to Pakistan’s capital markets. Through our extensive global reach, marked by our presence in over 160 cities, this latest membership of NCCPL will further facilitate our clients in pursuing global investment opportunities with greater efficiency. As we mark 50 years in the country, we look forward to continuing our contributions to the banking services industry in Pakistan.'
Richard Scavetta, Securities & Fund Services Head, Africa & Pakistan, said, 'As Pakistan's capital market evolves in 2011, the implementation of custodian clearing membership is one of the key regulatory initiatives we have remained focused on throughout 2010-11. This was largely accomplished by our representation on working groups and advisory committees, making sure our clients' interests and concerns are conveyed directly to the regulators and market infrastructures.
Aijaz Haq, Securities and Fund Services Head, Citi Pakistan, said, 'Being the only global bank operating in Pakistan for 50 years, Citi’s membership is a hallmark for Pakistan’s capital market infrastructure, as it provides our clients with access to over 100 foreign institutional investors across the globe. As a direct market participant, Citi’s membership as a custodian clearing member will allow it to serve as a conduit between stock exchanges, NCCPL, Central depository and foreign institutional investor clients. It eliminates the need for our clients to settle trades with counterparties, thereby reducing counterparty risk while enhancing settlement efficiency.'
Citi, the leading global financial services company, has approximately 200 million customer accounts and does business in more than 140 countries. Through Citicorp and Citi Holdings, Citi provides consumers, corporations, governments and institutions with a broad range of financial products and services, including consumer banking and credit, corporate and investment banking, securities brokerage, transaction services, and wealth management. Additional information may be found at www.Citigroup.com or www.Citi.com