KBC Group Appoints Citi as Provider for Direct Custody in Australia and New Zealand
London, Brussels, Sydney - January 27, 2010 – Citigroup’s Global Transaction Services business today announced that it has been awarded a new mandate from KBC Group. As one of Europe’s largest financial institutions with roots in Belgium and an international presence in some 26 countries worldwide, KBC Group has appointed Citi to provide Direct Custody services for the Australian and New Zealand markets.
By choosing Citi as their Direct Custody provider, KBC Group will be able to consolidate their custody and settlement business in the Australian and New Zealand markets. Additionally, they will further benefit from dedicated client service teams, which will provide local expertise combined with globally consistent services.
KBC Group and Citi’s relationship dates back more than a decade covering a number of major and emerging markets on a global basis across Europe, Asia and the Americas. Furthermore, KBC Securities is a connected broker for the CitiConnect for Securities platform, an open architecture, standardised global platform providing full trade life-cycle services for equities, collective investment schemes and managed funds, including hedge funds.
Martin Carpenter, Custody Head for Australia and New Zealand, Citi, said, "We are delighted by this further alliance with KBC Group. This appointment underscores our commitment to provide our clients with innovative solutions through our extensive resources, technology, expertise and global reach which is vital in order for Citi to maintain a market leading position with world class direct custody services".
Luc Aspeslagh, Chief Operating Officer, KBC Securities, said, "The decision by KBC Group to consolidate its business with Citi was based on the positive experience and valuable association KBC Securities has maintained with Citi. This additional collaboration demonstrates our view that Citi is able to provide best in class service in the Australian and New Zealand markets".
Citi, the leading global financial services company, has approximately 200 million customer accounts and does business in more than 140 countries. Through its two operating units, 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.
About Global Transaction Services
Global Transaction Services, a division of Citi's Institutional Clients Group, offers integrated cash management, trade, and securities and fund services to multinational corporations, financial institutions and public sector organizations around the world. With a network that spans more than 100 countries, Citi's Global Transaction Services supports over 65,000 clients. As of the Fourth quarter of 2009. It held on average $335 Billion in liability balances and $12.1 trillion in assets under custody.