Nigeria is the 53rd Country to Join Citi's Industry Leading Global Network
London and Lagos - August 19, 2008 - Citi's Global Transactions Services business for Europe, the Middle East and Africa, has announced that it will now be providing direct custody and clearing (DCC) services to clients investing in Nigeria. This is the ninth new market Citi has opened in twenty four months taking its proprietary network, which is the largest in the world, to 53 markets. Citi will now serve 28 markets in Europe, the Middle East and Africa.
Lee Waite, Managing Director and Global Head of Citi's Direct Custody and Clearing/ Intermediaries business, said, "As the ninth opening in two years, this is testament to Citi's unrivalled ability to support our clients as the globalization of capital markets continues. We are delighted to be extending our reach to the Nigerian market, and the addition of Nigeria to our DCC offering further emphasises Citi's commitment to Nigeria and Africa. Citi clients will benefit from dedicated DCC client service teams, which will provide local expertise combined with globally consistent services that are top rated in the industry."
Emeka Emuwa, Nigeria Citi Country Officer, said "This year marks Citi's 24th year of operations in Nigeria and we are committed to expanding our business here. Nigeria is an increasingly attractive growth opportunity for investors and we are thrilled to be utilising our local knowledge of the country environment and proactive engagement with customers, regulators and market infrastructures to bring more investment into this promising economy."
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, prematching, registration, corporate actions, income collection, proxy services, foreign ownership monitoring and disclosure services, 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 the 2nd quarter of 08, it held on average $276 billion in liability balances and $12.8 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 brands include Citibank, CitiFinancial, Primerica, Smith Barney and Banamex. Additional information may be found at www.citigroup.com or www.citi.com.
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 the 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.