Bank of Ceylon Appoints Citi as Trustee and Agent on USD500 Million Global Bond
Colombo, Singapore, Hong Kong - May 29, 2012 – Citi’s Agency and Trust business, part of the Citi Transaction Services division, has been appointed as Trustee, Principal Paying Agent, Registrar and Transfer Agent for the Bank of Ceylon’ss USD500 million global bond. This transaction represents Sri Lanka’ss first non-sovereign global debt offering since 2004 and highlights the country’s recent financial progress and development.
Founded in 1939, the Bank of Ceylon is the leading commercial bank in Sri Lanka in terms of total asset size, total revenues and breadth of their branch and ATM network. Proceeds raised from this offering will fund general corporate purposes including the planned development of the Bank of Ceylon’s domestic and international operations.
"For 200 years, Citi has been an enabler of progress and innovation, assisting financial institutions and companies like the Bank of Ceylon to access new sources of funding to achieve their business goals," said Ravin Basnayake, Citi Country Officer of Sri Lanka. "We are very pleased to have played a role in the success of this transaction and are excited about the opportunity this presents to additional clients in Sri Lanka as they look to expand their business."
As Trustee, Principal Paying Agent, Registrar and Transfer Agent, Citi will facilitate the issuance and ongoing administration of the bond, including servicing all principal and interest payments for the life of the transaction.
Through its Agency and Trust business, Citi provides innovative banking solutions to financial institutions, corporate clients and public sector entities. Spanning a network of over 100 countries, the business offers a full range of agency, fiduciary, tender and exchange, depository and escrow services, administering over US$4 trillion in fixed income and equity securities on behalf of 2,800 clients. Citi was recently named "Best in Corporate Trust" in The Asset Awards 2012.
Citi, the leading global bank, 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 Citi Transaction Services
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 95 countries, Citi’s Transaction Services supports over 65,000 clients. As of the first quarter of 2012, it held on average $377 billion in liability balances and $13 trillion in assets under custody.