Global Finance Names Citi Best Sub-Custodian Bank
Citi takes the regional award in both North America and Latin America
New York, NY – Global Finance magazine has released its tenth annual ranking of the “Best Sub-Custodians” naming Citi the Best Sub-Custodian Bank in both the North America and Latin America regions once again for 2013. Citi won for the following countries as well:
- Sri Lanka
- United States
The Global Finance sub-custodian awards recognize market excellence in the effective handling of security portfolios in regional and local markets, providing services to global custodians. Global Finance editors and reporters, with input from expert sources, selected the winners from the institutions that reliably provide the best custody services. The factors considered included quality of service, customer relations, competitive pricing, smooth handling of exception items, technology platforms, post-settlement operations, business continuity plans and knowledge of local regulations and practices.
Most recently, Citi acquired ING’s custody and securities services business in seven Central and Eastern European (“CEE”) markets, representing €110 billion in assets under custody. This transaction includes ING’s local custody and securities services businesses in Bulgaria, the Czech Republic, Hungary, Romania, Russia, Slovakia and Ukraine. Once implemented, the addition of Bulgaria will expand Citi’s proprietary custody network to 62 markets. The acquisition offers clients comprehensive securities services in the region through a strengthened country presence combined with access to Citi’s global banking network. It also provides clients with further processing efficiencies and enables consistency of service across multiple markets.
“We are honored to receive these awards,” said Lee Waite, Global Head of Direct Custody and Clearing, Securities and Fund Services, Citi. “We are always looking for ways to deliver the best custody experience and remain dedicated to offering quality products and services tailored to our clients’ needs.”
Citi’s Securities and Fund Services provides customized solutions that support the diverse investment and transaction strategies of investors, issuers and intermediaries worldwide. Offering a suite of investment administration, portfolio and fund services, trust and custody and investment and financing solutions, Citi helps clients meet the challenges of issuing, managing and distributing financial products and services in today’s complex and competitive marketplace. As of the first quarter of 2013, Securities and Fund Services held $13.5 trillion in assets under custody and administration.
Citi, the leading global bank, has approximately 200 million customer accounts and does business in more than 160 countries and jurisdictions. 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, transaction services, and wealth management.
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