Citi to Provide Direct Custody and Clearing in Bangladesh
Hong Kong, Dhaka - Dec. 15 – Citi Global Transaction Services has announced the launch of direct custody and clearing services in Bangladesh. This latest opening brings Citi’s proprietary direct custody and clearing network - the largest globally - to 54 markets, including 16 in Asia Pacific.
In Bangladesh, Citi will provide direct custody and clearing services such as equity and fixed income securities settlements, safekeeping, prematching, registration, corporate actions, income collection, proxy services, cash management, foreign exchange, reporting, market expertise and information services to our clients. Citi will also continue our partnership with Bangladesh regulators and exchanges to advise on best practices and provide support for trading and investment activities in this market.
Margaret Dawson, Managing Director, Region Head of Securities and Fund Services, Asia Pacific said: "Bangladesh has been rapidly developing its capital market environment in recent years and investors are taking note. With this increasing awareness, Bangladesh has great potential and opportunities for our securities services business. We are extremely proud of our commitment in providing market-leading direct custody and clearing services across Asia Pacific and we are highly confident that Citi will continue to raise the industry standard in Bangladesh."
Mamun Rashid, Managing Director and Citi Country Officer for Bangladesh said: "Citi has a long history in Bangladesh as one of the leading foreign banks in the market. With the introduction of direct custody and clearing we have clearly demonstrated our ongoing commitment to Bangladesh’s capital market and to our growing number of clients looking to take advantage of this dynamic market."
Citi has been present in Bangladesh since 1987 as a correspondent banking service provider and as a full-service bank serving both corporate and institutional customers since 1995. In Bangladesh, Citi provides a wide range of services including treasury and trade solutions, agency and trust services, foreign exchange and structured finance to corporate clients, governments, and financial institutions. In the past 12 months, Citi has increased its commitment to Bangladesh, launching investment banking services and leading the largest M&A transaction and the first private placement bond in the country.
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.