Citi to Provide Direct Custody and Clearing Services in Ukraine Reflects Citi's Ongoing Commitment to Expanding Its Network to Meet the Expectations of Its Clients
London, Kiev , April 16, 2008 - Citi announced today it is providing direct custody and clearing services (DCC) to clients in the Ukraine. This is the eighth new market Citi has opened in two years taking its proprietary network – the largest in the world – to 52 markets. Citi currently serves 27 markets in Europe, the Middle East and Africa.
Andrew Gelb, Global Head of Direct Custody and Clearing for Citi's Global Transaction Services business said, "We are excited about the opportunities Ukraine offers and will provide the same high quality standard of DCC service, technology and support there that we do globally. The addition of Ukraine reflects Citi's commitment to expanding our proprietary network to meet the expanding needs of our clients and service them where they are doing business."
Nadir Shaikh, Chairman of JSCB "Citibank (Ukraine)" said, "We have had a significant presence in Ukraine since 1998 and are furthering our commitment with the addition of a DCC capability in Ukraine. Citi now offers direct custody and clearing services to all of the CIS countries. Ukraine is one of the most rapidly developing economies among the countries of the former Soviet Union and we see many diversity opportunities for growth on this market.
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 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. As of 4th quarter 2007, it held on average $245 billion in liability balances and $13.1 trillion in assets under custody.
Notes to Editors
Facts on the Ukraine market:
- 7.3 per cent GDP growth in 2007
- Rapid growth in stock-market capitalisation to USD106.3 billion in December 2007
- Dynamic equity sector
- Transparent regulatory framework following 2006 securities market legislation
- Largely OTC-based market, with an evolving securities depository environment
The 52 markets in Citi's proprietary direct custody and clearing network are:
- 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, Ukraine
- Latin America: Argentina, Brazil, Chile, Colombia, Mexico, Peru, Puerto Rico, Venezuela
- North America: Canada, United States
Citi: London: Adam Castellani +44 (0) 20 7986 5608
Ukraine: Larissa Prodan +38 (044) 490 10 02
Global Transaction Services 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. As of the 4th quarter of 07, it held on average $245 billion in liability balances and $13.1 trillion in assets under custody.
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.
Certain statements in this document are "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act. These statements are based on management's current expectations and are subject to uncertainty and changes in circumstances. Actual results may differ materially from those included in these statements due to a variety of factors. More information about these factors is contained in Citigroup's filings with the Securities and Exchange Commission.