CITI TO PROVIDE CLS SERVICES TO BANK OF CHINA (HONG KONG)
HONG KONG - September 16, 2008 - Citi’s Global Transaction Services today announced that it has signed an agreement with Bank of China (Hong Kong) Limited (BOCHK) to appoint Citi as its Continuous Linked Settlement (CLS) Nostro Agent for US Dollar. Under the agreement, Citi will provide nostro account services and liquidity to BOCHK to facilitate CLS settlement with CLS Bank, the industry-operated foreign exchange cooperative, owned by 69 shareholder banks.
BOCHK’s parent company, Bank of China Limited, became a shareholder bank of CLS Bank in late 2006. Acting as a Settlement Member, BOCHK is closely involved in its parent's global CLS initiative.
Citi was selected as BOCHK’s Nostro Agent Bank through a selective bidding process which included other major service providers. According to BOCHK, Citi was awarded the business on the basis of its superior CLS experience and knowledge, its standing as the market leader in providing CLS solutions and dedicated customer support.
The agreement between Citi and BOCHK marks the latest collaboration between the two parties. Citi's Global Transaction Services maintains a long-standing relationship with BOCHK, providing an array of correspondent banking services and solutions.
"Citi is honored to deepen our relationship with BOCHK. By leveraging Citi’s experience, solutions and customer support in CLS payments, BOCHK can better serve its growing client base and maintain its leading edge in providing this pivotal service internationally," said Akash Rathke, Managing Director and Regional Head of Bank Services and Public Sector Groups, Asia Pacific.
About Bank of China (Hong Kong) Limited
Bank of China (Hong Kong) Limited ("BOCHK"), established on 1 October 2001, is a leading listed commercial banking group in Hong Kong. With over 280 branches and 450 ATMs and other distribution channels in Hong Kong, BOCHK and its subsidiaries offer a comprehensive range of financial products and services to retail and corporate customers. BOCHK is one of the three note issuing banks in Hong Kong. In addition, BOCHK and its subsidiaries have 16 branches and sub-branches in the Mainland of China to provide cross-border banking services to customers in Hong Kong and the Mainland. BOCHK is appointed by the People’s Bank of China as the Clearing Bank for Renminbi business in Hong Kong.
About Citi’s Institutional Clients Group:
Citi’s Institutional Clients Group serves corporate clients, governments and institutional investors around the world, providing expertise and innovative solutions in banking, markets, transaction services and alternative investments. With a history dating back nearly 200 years, Citi today has a global network that includes offices in 104 countries, trading desks in more than 80 countries and transaction services infrastructure covering 140 countries. Citi aims to be trusted advisor to our clients, to execute flawlessly, to strategically commit capital and to always focus on innovation.
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, Citi Smith Barney, Banamex and Nikko. Additional information may be found at www.citigroup.com or www.citi.com.