KommuneKredit appoints Citi as its Global Custodian
London, Copenhagen - August 10, 2011 – Citigroup, through its Global Transaction Services unit, has been awarded a mandate to provide global custody services to KommuneKredit, the credit institution for local and regional governments in Denmark.
Citi already manages KommuneKredit’s multicurrency accounts and provides issuing and paying services for KommuneKredit’s bonds.
Andrew Gelb, Head of Securities and Funds Services for Europe, Middle East and Africa at Citi said: "We are extremely pleased by KommuneKredit’s decision to consolidate their global transaction services with Citi. This further appointment confirms the strength of our long-term relationship with KommuneKredit and demonstrates their confidence in our investor services capabilities."
Jens Bloch Behrendt, Chief Financial Officer at KommuneKredit said: "We look forward to deepening our relationship with Citi and leveraging their global footprint as well as their regional expertise to meet our needs. This appointment strengthens our operational efficiency and also reduces our operational risk by enabling us to access our international business flow via a single platform."
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.
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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, Citigroup’s Global Transaction Services supports over 65,000 clients. As of the second quarter of 2011, it held on average $365 billion in liability balances and $13.5 trillion in assets under custody.
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 $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.