Citi To Provide Direct Custody and Clearing in Kazakhstan
Reflects Citi's Ongoing Commitment to Expanding Its Network to Meet the Needs of Its Clients
London and Almaty, January 29, 2008 - Citi today announced it is providing direct custody and clearing (DCC) services to clients in Kazakhstan. This is the seventh new market Citi has opened in two years taking its proprietary network – the largest in the world – to 51 markets.
Andrew Gelb, Global Head of Direct Custody and Clearing for Citi's Global Transaction Services business said, "We are proud to provide the same high quality standard of DCC service, technology and support in Kazakhstan that Citi provides globally. The addition of Kazakhstan reflects Citi's ongoing commitment to expanding our proprietary direct custody and clearing network to meet the needs of our clients and service them where they are doing business."
Daniel Connelly, Citi Country Officer for Kazakhstan said, "Citi has been on the ground in Kazakhstan since 1994 and is committed to our business here. As a member of the local central securities depository (CSD) and Kazakhstan Stock Exchange (KASE), Citi is well positioned to provide our clients with comprehensive global securities services combined with local expertise gained from our ongoing engagement with regulators and market infrastructures."
Direct custody and clearing plays an integral role in the capital markets by providing the clearing and settlement services required for broker dealers and global custodians to support trading and investing activities around the world. Direct custodians provide services such as equity and fixed income securities settlements, safekeeping, pre-matching, registration, corporate actions, income collection, proxy services, foreign ownership monitoring and disclosure services, tax relief at source, market claims, cash management, foreign exchange, reporting, market expertise and information services to clients.
Global Transaction Services, a division of Citi Markets & Banking, 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 spanning over 100 countries, Citi's Global Transaction Services supports over 65,000 clients. It holds $255 billion in liability balances under administration and $13.1 trillion in assets under custody and trust.
Notes to Editors
Facts on the Kazakhstan market:
- Ranked by the World Bank among the top 20 most attractive locations for foreign investment globally.
- 8-10 per cent GDP growth over the last three years driven by a budget surplus from economic reform and strong oil revenues.
- Kazakhstan Stock Exchange (KASE) market capitalisation boosted from US$ 9.9 billion to USD 81 billion in four years.
- Clear, consistent regulatory framework and a robust securities market infrastructure.
- Asia Pacific: Australia, China, Hong Kong, India, Indonesia, Japan, Korea, Malaysia, New Zealand, Philippines, Singapore, Sri Lanka, Taiwan, Thailand, Vietnam
- Western Europe:Austria, Belgium, Cyprus, France, Germany, Greece, Ireland, Italy, Netherlands, Portugal, Spain, Sweden, Switzerland, United Kingdom
- Central & Eastern Europe, Middle East and Africa: Czech Republic, Egypt, Hungary, Israel, Kazakhstan, Morocco, Pakistan, Poland, Romania, Russia, Slovakia, Turkey
- Latin America: Argentina, Brazil, Chile, Colombia, Mexico, Peru, Puerto Rico, Venezuela
- North America: Canada, United States
Citi, 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. Citi's major brand names include Citibank, CitiFinancial, Primerica, Smith Barney, Banamex, and Nikko. Additional information may be found at www.citigroup.com or www.citi.com.
Copyright ©2008 Citibank, N.A Citi and Arc Design and Citibank are trademarks and service marks of Citigroup Inc. or its affiliates, used and registered throughout the world. The above information is being provided solely for information purposes by Citi. At the time of publication, this information was believed to be accurate, but Citi makes no representation or warranty as to correctness of the information set forth above. The above information does not constitute a recommendation, solicitation or offer by Citi for the purchase or sale of any securities, nor shall this material be construed in any way as investment or legal advice or a recommendation, reference or endorsement by Citi.