Citi Continues to Invest in Its Middle East Securities and Fund Services Business with Two Internal Appointments
LONDON/Dubai - May 06, 2009 – Citi announced today that it its Global Transaction Services business has appointed Richard Street as Head of Securities and Fund Services (SFS), Middle East and Jason James as Product Head of Issuer Services in the Middle East and North Africa (MENA) - based in Dubai.
Previously, Richard was responsible for Citi’s Securities and Fund Services Strategy and Business Development in the Middle East and North Africa. He now assumes expanded management responsibility as Head of SFS in the Middle East, reporting to Murali Subramanian, Head of Global Transaction Services, MENA, and Andrew Gelb, Head of Securities and Funds Services for Europe, Middle East and Africa (EMEA).
Jason will report to Andrew Mulley, Head of Issuer Services for EMEA and Richard Street and will be responsible for all aspects of the Issuer Services business in MENA. Citi launched its Issuer Services business in the Middle East in April 2008 providing on-shore agency and trust capabilities to clients in the Middle East. Previously, Jason spent twelve years with Issuer Services at Citi in London, most recently as strategic development manager for EMEA. This appointment reinforces Citi’s commitment to expanding its existing MENA Issuer services business.
Andrew Gelb, Head of Securities and Funds Services for Europe, Middle East and Africa and Andrew Mulley, Head Issuer Services for EMEA, Citi, said "Both have an established track record of growing our franchise with extensive client relationships. The Middle East is an exceptional market place - one demanding local solutions with global service standards. Their addition to the team further affirms our commitment to this important region.'
Mohammed Al-Shroogi, Managing Director for the Middle East and Chief Executive Officer for Citi in the UAE, said: "These two appointments are testament to Citi’s commitment to expanding its reach and continuing to embed its Securities and Fund Services capabilities within the region. The significant potential for the Global Transaction Services business in the Middle East calls for a dedicated team of seasoned professionals to meet the growing needs among the region’s top institutional investors for world-class investments."
Citi has identified the Middle East as a strategic focus for SFS business and have set a goal of delivering market leading capabilities and practices locally from within the Middle East. This build out has already begun with the launch of a local custody capability for the three UAE markets in January of 2009 and Bahraini Fund Administration and Custody announced in July 2008.
Citi’s Issuer Services has industry leading experience in documenting and executing deals ranging from sukuk transactions, through Shari’a compliant escrow arrangements, bespoke structured solutions and the most complex project financings and structured finance transactions in all geographies. Debt issuers, investment banks, collateral managers and investment managers rely on Citi for a variety of agency, debt and fiduciary services to support the full spectrum of capital market transactions. Through the largest proprietary network in the world, Citi combines comprehensive knowledge of local market practices with extensive access to local market participants. Citi Issuer Services supports assets under custody in excess of $ 3.5 trillion in debt and equity and is the largest Common Depository in EMEA.
Global Transaction Services, a division of Citi’s Institutional Clients Group, offers integrated cash management, trade, and securities and fund services to multinational corporations, financial institutions and public sector organisations around the world. With a network that spans more than 100 countries, Citi’s Global Transaction Services supports over 65,000 clients. As of the first quarter of 2009, it held on average $278 billion in liability balances and $10.3 trillion in assets under custody.
Citi has been present in the Arab World for nearly fifty years and continues to view the region as critical to its global franchise. It is currently present in ten Arab countries including Egypt, UAE, Lebanon, Jordan, Tunisia, Morocco, Algeria, Bahrain, Qatar and Kuwait.
Citi, the leading global financial services company, has approximately 200 million customer accounts and does business in more than 140 countries. Through its two operating units, Citicorp and Citi Holdings, Citi provides 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. Additional information may be found at www.citigroup.com or www.citi.com.