Citi Establishes Direct Custody and Clearing Services in Panama
New Offering Expands Citi’s Proprietary DCC Network to Eight Markets Across Latin America
New York, NY - July 26, 2011 – Citi today announced that its Global Transaction Services business has begun to provide Direct Custody and Clearing (DCC) services to clients investing in Panama. This new offering expands Citi’s proprietary DCC network to eight markets across Latin America.
With its sub-custody services, Citi opens the door of the Panamanian capital markets to international investors.
“We are delighted to offer Direct Custody and Clearing services in Panama, which is the leading economy in Central America,” says Lee Waite, Global Head of Direct Custody and Clearing, Citi. “This opening marks a major milestone in Citi’s proprietary DCC network and demonstrates our long-standing commitment to support our clients in accessing the growing capital markets in Panama, Latin America and around the world.”
The DCC services Citi is now providing in Panama are being supported by Citi’s Regional Service Center in Tampa, Florida to achieve consistent processing, standardize reporting, implement uniform technology and have the ability to resource reallocation to accommodate changes in capacity and volume.
Direct Custody and Clearing plays an integral role in the capital markets by providing the clearing and settlement services for broker dealers and global custodians to support trading and investing activities around the world.
Through its Securities and Fund Services business, Citi’s industry-focused experts provide institutional investors worldwide with tailored solutions delivered through proven global platforms that feature modular, open architecture. 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.
Citi, the leading global financial services company, has approximately 200 million customer accounts and does business in more than 160 countries and jurisdictions. 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.