Citigroup Extends Its Direct Custody and Clearing Network To Cyprus
Athens, Cyprus, London – Citigroup Corporate and Investment Banking today announced it will extend its direct custody and clearing (DCC) network to Cyprus with remote access through the Citibank International Plc Greece Branch. Securities clearing and settlement for equities and corporate bonds; safekeeping; pre-matching; fails management; portfolio valuation; comprehensive SWIFT reporting; corporate actions; income collection; full proxy services; market claims; tax reclaim; cash management; foreign exchange; detailed MIS reporting; market expertise and information services will all be available to clients.
Citigroup will be remotely accessing the Cyprus Stock Exchange (CSE) for the settlement and clearing of dematerialised securities, following the implementation of the Athens Exchange (ATHEX) and the CSE common trading and clearing platform, which was launched on 30 October 2006. The platform, based on the European Union's current systems and developed international markets, will provide common standards and an effective environment for the execution and clearing of stock transactions on both exchanges.
Andrew Gelb, Global Head of Direct Custody and Clearing for Citigroup's Global Transaction Services business, said, "Investment opportunities in Cyprus are expected to multiply following the introduction of the Euro and we believe the combination of our global network, products and technology along with our local expertise and services will be of great benefit to our clients and the Cyprus market."
Christos Sorotos, Citigroup Country Officer for Greece and Cyprus, said, "The increasing investment opportunities along with the harmonisation of processes and the adoption of systems and regulations from the Greek market make now the natural time to invest in our business in Cyprus. We look forward to working with our clients as the market continues to mature and grow."
Today's announcement expands Citigroup's proprietary DCC network to 49 markets, the largest in the world. Citigroup has launched five new DCC markets since November 2005, with previous openings in Israel, Slovakia, Sweden and Vietnam.
Citigroup Corporate and Investment Banking
Citigroup Corporate and Investment Banking is the most complete financial partner to corporations, financial institutions, institutional investors and governments in the world. As a global leader in banking, capital markets, and transaction services, with a presence in many countries dating back more than 100 years, Citigroup Corporate and Investment Banking enables clients to achieve their strategic financial objectives by providing them with cutting-edge ideas, best-in-class products and solutions, and unparalleled access to capital and liquidity.
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