CITI LAUNCHES LENDING IN GREECE AND POLAND
LONDON, ATHENS, WARSAW - February 2, 2010 – Citigroup's Global Transaction Services business today announced that Citi Securities Finance will now be offering Agency Lending services in Greece and Poland. Specifically, Citi will now be providing securities lending for Greek equities and Polish bonds and equities taking Citi's Securities Finance network to 38 lending markets across the globe.
As part of the due diligence, Citi worked closely with Greek and Polish legal and tax specialists as it was imperative to create efficient and easy access to these two new markets for foreign borrowers and lenders. Securities lending, which is the temporary transfer of securities on a collateralised basis, allows portfolio managers that lend securities to earn a fee whilst allowing the borrower to execute their trading strategies. The addition of Greece and Poland to Citi's lending network will open both countries up to new sources of liquidity and support the development of their local capital markets.
Tim Douglas, Global Head of Securities Finance,Citi, said, "Our continued expansion of our securities lending offering underscores our leadership and ability to leverage our global presence and local market expertise in order to benefit our clients around the world".
This announcement endorses Citi's proud record of consistently being the first agent lender in new markets, witness its launch in Taiwan three years ago.
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, 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.