MEDIOBANCA APPOINTS CITI AS GENERAL CLEARING MEMBER AND SETTLEMENT PROVIDER
LONDON - May 28, 2009 – Citi today announced that its Global Transaction Services business has been appointed by Mediobanca, the leading Italian investment bank, to provide all clearing and settlement functions including the support of the newly introduced Eurex Net Settlement Service in Germany.
Recently, Mediobanca became a direct trading member of Xetra, a Cash Equity platform of Deutsche Boerse, and Eurex, the German Derivatives Exchange. AS a result of these new ventures, Citi has been selected as General Clearing Member (GCM) at Eurex Clearing AG as well as the Settlement Agent at Clearstream Banking Frankfurt. This is the first step taken by Mediobanca accessing international exchanges. This win by Citi is the first for the recently created GTS Derivatives Clearing Platform which is designated to Citi's client's activity.
Gian Lorenzo Trapassi, Head of Operations, Mediobanca, said, "We are very pleased to have Citi as our new General Clearing Member and Settlement provider and are looking forward to developing a strong working relationship with Citi. As we continue to expand our global footprint and widen the scope of services, we look to Citi as a partner in growth and provider of innovative and efficient solutions."
Tom Isaac, Global Head of Client & Sales Management for Financial Intermediaries, Citi, said, "We are delighted that Mediobanca has chosen Citi. This appointment by Mediobanca illustrates how our world wide network and local market expertise comes together to provide our clients with an unrivalled global solution."
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.
About Citi Global Transaction Services
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.