CITI'S AGENCY AND TRUST LAUNCHES INNOVATIVE RENMINBI (RMB) SERVICES IN HONG KONG
Hong Kong - November 4, 2010 – Citi's Agency and Trust, part of the Global Transaction Services division, has unveiled significant enhancements to its RMB product portfolio, launching a comprehensive suite of RMB agency and fiduciary services for corporate and institutional clients in Hong Kong. Covering RMB bonds, loans, escrows and structured finance transactions, these new capabilities allow Citi's clients to access the growing RMB market both in Hong Kong and internationally. Already an established provider of RMB-denominated services in Mainland China, this move further enhances Citi's position as an innovative provider of corporate trust services and demonstrates its commitment to growing capabilities across its unrivalled network.
The new products, which support an extended range of RMB activities in Hong Kong and internationally, include:
- Bond Administration - trustee and paying agency services for RMB-denominated bonds issues in Hong Kong
- Escrow and Account Bank Services - support for mergers and acquisitions, real estate transactions, trade, project finance, and a variety of other client transactions
- Security Agency Services for RMB-denominated collateral
- Loan Administration - facility agent and related services for RMB-denominated loans
- Structured Finance - transaction administration and other related services for RMB-denominated securitizations
In addition, Citi can now support RMB-denominated global bonds to be settled via the Euroclear and Clearstream clearing systems.
"Hong Kong is quickly becoming the hub for offshore RMB services, requiring transaction services providers like Citi to develop comprehensive solutions to support growing client needs. With the introduction of these innovative RMB products, Citi has drawn on its vast network and expertise to create solutions that enable our clients access to this growing opportunity and further cements our position as a market-leading corporate trust service provider," said Ben Lumleysmith, Director, Regional Head, Agency and Trust, Asia Pacific, Global Transaction Services, Citi.
These new products complement Citi's existing wide range of RMB products and services for corporate and institutional clients across Asia Pacific and globally, which include account services, time deposits, remittances, liquidity management, trade, foreign exchange and custody and fund services.
Citi, the leading global financial services company, has approximately 200 million customer accounts and does business in more than 160 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 third quarter of 2010, it held $340 billion in liability balances and $12.4 trillion in assets under custody.