Citi Awarded Mandate to Provide Securities Lending Services to City of Fort Worth
New York, NY - May 10, 2011 – Citi today announced that it has been awarded a mandate to provide third-party securities lending to the City of Fort Worth, Texas.
Timothy Douglas, Global Head, Securities Finance, Citi Global Transaction Services said, "We are very pleased to deliver our securities lending solutions to the City of Fort Worth. The Treasury specialists in the Finance Management Services Department there recognized the market-tested benefits of a structured third party agent securities lending program to help them improve their portfolio performance, offset their operational expenses and generate liquidity."
Citi offers securities lending through OpenLendSM, which represents the next generation of securities finance. OpenLend is an open architecture securities lending solution that provides clients with a customized service that is designed to enhance portfolio performance by delivering solutions that leverage Citi’s key strengths: innovative services, best-in-class operation model, flexibility, global network and experience.
Through its Securities and Fund Services business, Citi’s industry-focused experts provide investors worldwide with tailored solutions delivered through proven global platforms that feature modular, open architecture. With over $13 trillion of assets under custody and the industry’s largest proprietary network, clients can leverage Citi’s local market expertise and global reach to extract value across the entire investment value chain.
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, Citigroup’s Global Transaction Services supports over 65,000 clients. As of the first quarter of 2011, it held on average $355 billion in liability balances and over $13 trillion in assets under custody.
Citi, the leading global financial services company, has approximately 200 million customer accounts and does business in more than 160 countries and jurisdictions. 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.