This Supranational Entity serves the poorest countries in the world by offering them financial and technical assistance. Thanks to its ability to provide resources, share knowledge, promote capacity building and forge partnerships in the public and private sectors, developing countries can fight poverty and empower their people to help themselves and their environment.
After 15 years with the same provider, this entity sought a new relationship with a global custodian who could meet a range of challenges. It issued an RFP where experience, technology, coverage, service and product capabilities would be the defining operative words of this new partnership. The entity needed an alliance with a bank that had a proven depth of experience in the markets, one where competitive pricing, including the ability to price unlisted securities, would also go hand-in-hand.
Its banking partner would also have to deliver robust technology across platforms and be able to provide strong service in the most challenging of emerging or developing markets to help the entity deliver on its mission.
Of course, access to local market contacts, senior management and a global coverage team were also a must.
Thanks to our proprietary network, reach, customizable service model, robust reporting capabilities and product coverage, the entity mandated Citi to be its global custodian.
This meant that not only would we provide this multilateral organization with a universal window of direct market access to and service in the target markets, but we would also be able to offer competitive pricing that included the ability to price unlisted securities.
After two site visits and the submission of our winning response to the RFP, we were awarded the mandate to act as the entity’s global custodian in September of 2011.
Working closely with the entity officials, a phased-in approach was used to implement 38 countries and by December 2011, 97% of the markets were converted to Citi. The initial service kickoff, held in March of 2011, showcased our effective client delivery and reporting capabilities, much to the entity’s delight. Citi’s implementation team scored a 100% customer satisfaction rating.