Citigroup Appointed by Prudential Corporation Asia to Provide Securities Services, Fund Accounting and Administration Services
Hong Kong, Singapore, London, New York, November 2006 — Citigroup and Prudential today announced Citigroup Global Transaction Services has been appointed by Prudential to provide securities services, fund accounting and related fund administration services to its insurance funds and unit-linked products in Asia.
The appointment followed an extensive and thorough five month search in which four major global banks, including Citigroup, were asked to respond to a detailed Request For Proposal (RFP). The RFP process also entailed a region wide on-site due diligence of Citigroup facilities by Prudential reviewers and comprehensive presentations by various service providers.
Under this appointment, Citigroup will provide domestic and global custodial services to the insurance funds and unit-linked products of Prudential's operations in Hong Kong, Indonesia, Malaysia, South Korea, Philippines, Singapore, Taiwan, Thailand and Vietnam. In addition, Citigroup will provide investment accounting services for the assets and act as the securities lending agent in markets where it is permitted by local regulation.
"We are deeply honored to be appointed by Prudential Corporation Asia. This mandate underlines Citigroup's understanding of the insurance sector in Asia and our market leadership position in structuring innovative solutions that meet the needs of this sector. We are eager to work with Prudential Corporation Asia to help them achieve their business objectives," said Anthony Nappi, Asia Pacific Business Head for Citigroup Global Transaction Services.
Barry Stowe, Chief Executive of Prudential Corporation Asia said, "Prudential is looking forward to implementing its securities and fund accounting services in a regional banking relationship with Citigroup. This is a reflection of our continuing endeavors to achieve regional benefits and efficiencies in our operations across the region."
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
About 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.
About Prudential plc (United Kingdom)
Prudential plc is a leading international financial services group, providing retail financial services and fund management in its chosen markets: the United Kingdom, the United States, Asia and continental Europe.
Prudential has been writing life insurance in the United Kingdom for over 150 years and has had the largest long-term fund in the United Kingdom for over a century. Today, Prudential has over 21 million customers worldwide and over £238 billion (as of 30 June 2006) of funds under management.
In the United Kingdom Prudential is a leading life and pensions provider offering a range of retail financial products. M&G is Prudential's UK & European Fund Manager, with around £155 billion of funds under management (as of 30 June 2006). Jackson National Life, acquired by Prudential in 1986, is a leading provider of long-term savings and retirement products to retail and institutional customers throughout the United States. Egg provides banking, insurance and investment products through its internet site www.egg.com.
In Asia, Prudential is the leading European-based life insurer with an extensive network of life insurance and fund management operations spanning 13 diverse markets.
*Prudential plc, a company incorporated and with its principal place of business in the United Kingdom, and its affiliated companies constitute one of the world's leading financial services groups. It provides insurance and financial services directly and through its subsidiaries and affiliates throughout the world. It has been in existence for over 150 years and has £238 billion in funds under management, (as at 30 June 2006). Prudential plc is not affiliated in any manner with Prudential Financial, Inc, a company whose principal place of business is in the United States of America.
About Prudential Corporation Asia
Prudential Corporation Asia, the regional office, was established in Hong Kong in 1994. In the past twelve years, Prudential rapidly extended its life insurance business beyond Malaysia, Singapore and Hong Kong to include Thailand, Indonesia, the Philippines, India, Vietnam, Taiwan, China, Japan and Korea. In China and India, two of the world's fastest-growing economies, Prudential formed joint venture partnerships with CITIC Group and ICICI Bank respectively for its life insurance and fund management businesses.
Prudential is now also one of the largest asset management companies in terms of overall assets sourced in Asia ex Japan. Its fund management business has expanded into a total of ten markets: Hong Kong, India, Japan, Taiwan, Malaysia, Singapore, Korea, China, Vietnam and United Arab Emirates.
In addition to its 250,000 staff and agents, Prudential has forged distribution partnerships with some of Asia's leading banks, enabling customers to access its products and services through a wider variety of channels, while also extending its reach across the region.
With its significant portfolio of businesses, multi-channel distribution capabilities, strong strategic partners, customer-centric products and services, and considerable brand equity, Prudential remains in a strong position for continued growth in Asia.