Citigroup Slovakia to provide Direct Custody & Clearing services to clients
London and Bratislava, 30 November 2005 — Citigroup’s Global Transaction Services (GTS) unit, which forms part of Citigroup’s Corporate and Investment Bank, today announced that its office in Bratislava, Slovakia is to provide corporate clients with Direct Custody and Clearing (DCC) services for the first time.
Fully staffed by locals, Citigroup is responding to the significant number of new opportunities in the Slovak marketplace and, in fact, throughout the Central & Eastern European region.
Citigroup’s Slovak office will provide its clients with the same high-level DCC service already being provided in the neighbouring Czech Republic, a service that has consistently been top-rated in Global Custodian’s Agent Bank & Global Investor’s annual surveys.
Andrew Gelb, Global Head of Direct Custody and Clearing for Citigroup’s GTS business, said: “Slovakia, as one of the new EU accession countries, is a growing market with new developments and reforms ahead. This new addition to our securities network further enhances our reach and coverage within Central and Eastern Europe and builds on our presence as a cash and trade provider in Slovakia. Clients will also be able to leverage the consistent high levels of service we provide on a global scale, and access our local market expertise through our fully staffed local office in Bratislava.
“Slovakia is the first in a series of four branches across Europe and Asia scheduled to offer DCC services by the first quarter of 2006 and highlights our long-term growth plans to meet the needs of our clients in the Direct Custody and Clearing business,” he added.
Igor Tham, Citigroup’s Country Officer for Slovakia, concluded: "This achievement reflects our continued commitment to serve our corporate customers with an expanded product offering in the year when Citigroup celebrates its 10th anniversary in Slovakia."
Citigroup (NYSE: C), the leading global financial services company has some 200 million customer accounts and does business in more than 100 countries, providing 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, and wealth management. Major brand names under Citigroup's trademark red umbrella include Citibank, CitiFinancial, Primerica, Smith Barney and Banamex.
Additional information may be found at www.citigroup.com
Citigroup Corporate and Investment Banking
Our Corporate and Investment Banking group achieves the extraordinary for our clients around the world. No financial institution is more committed to understanding and advancing the goals of its clients – our diverse and talented staff in some 100 countries advises companies, governments, and institutional investors on the best way to realize their strategic objectives. We create solutions for and provide the broadest possible capital and market access to thousands of issuer and investor clients, and no institution better executes the increasingly complex payment and cash management solutions required in today's global economy. Core business lines under Citigroup Corporate and Investment Banking include Global Capital Markets, Global Banking and Global Transaction Services.