Citigroup Opens New Custody and Clearing Center in Breda in the Netherlands
Following acquisition of ABN Amro’s direct custody, securities clearing and fund services business last October, Citigroup relocates operations and staff
June 6, 2005 London & the Netherlands – Citigroup (NYSE: C) Global Transaction Services today announced that it is relocating its recently acquired client service operation to new facilities in Breda, reinforcing its commitment to building opportunities for future growth in The Netherlands and the securities industry.
The acquired ABN AMRO businesses have joined Global Transaction Services in Citigroup’s Corporate and Investment Bank. This client service operation will be housed in a new building in Breda, providing on-the-ground service and product delivery capabilities to clients in the Netherlands and across the region. Citigroup will continue to maintain a branch office in Amsterdam.
Francesco Vanni d’Archirafi, Chief Executive Officer of Citigroup's Global Transaction Services business in EMEA said, "We are very pleased with the excellent quality and service commitment of our team in Breda. This is a strategic investment for Citigroup that will not only significantly further strengthen our market position in the Netherlands, but also enhance our client delivery model across Europe and Asia with value-added servicing capabilities and expertise."
Citigroup (NYSE: C), the preeminent global financial services company with some 200 million customer accounts in more than 100 countries, provides consumers, corporations, governments and institutions with a broad range of financial products and services, including consumer banking and credit, corporate and investment banking, insurance, securities brokerage, and asset management. Major brand names under Citigroup's trademark red umbrella include Citibank, CitiFinancial, Primerica, Smith Barney, Banamex, and Travelers Life and Annuity. Additional information may be found at:www.citigroup.com.
About Citigroup Global Transaction Services
Citigroup® Global Transaction Services is a leading provider of integrated cash management, trade, fund and securities services for corporations, financial institutions, intermediaries and governments around the world. With over $ 139 billion in average liability balances, more than $7.9 trillion in assets under custody and the largest proprietary branch network, Citigroup’s award-winning operating systems and Internet-based delivery channels enable clients to manage and monitor working capital and investments more efficiently, streamline transaction processing cycles, and re-engineer receivables and payment processes. Citigroup® Global Transaction Services provides clients with access to Citigroup’s full range of capabilities and solutions along with an on-the-ground presence and in-depth knowledge of more than 90 local markets. For additional information, see www.transactionservices.citigroup.com.