Citi launches direct custody and clearing | The Daily Star
12:00 AM, December 16, 2008 / LAST MODIFIED: 12:00 AM, December 16, 2008

Citi launches direct custody and clearing

Citi Global Transaction Services yesterday launched direct custody and clearing services in Bangladesh.
The latest opening brings Citi's proprietary direct custody and clearing network, the largest globally, to 54 markets, including 16 in the Asia-Pacific region.
Telecom and some other multinational companies and state-owned enterprises will be listed on the capital market in the next couple of years, said Securities and Exchange Commission Chairman Faruq Ahmad Siddiqi, who attended the launching ceremony as chief guest.
"Citibank NA with its global connections will be able to encourage entrepreneurs to come to the capital market," he hoped.
Citibank can also play a role in bringing in foreign investors into portfolio investments in Bangladesh on a long-term basis, Siddiqi said.
In Bangladesh, Citi will provide direct custody and clearing services, such as equity and fixed income security settlements, safekeeping, pre-matching, registration, corporate actions, income collection, proxy services, cash management, foreign exchange, reporting, market expertise and information services to clients.
"Citi will also continue its partnership with Bangladesh regulators and exchanges, suggest best practices and provide support for trading and investment activities in this market," it said in a statement.
Margaret Dawson, regional head of Citi's Securities and Fund Services, Asia Pacific, said: “Bangladesh has been rapidly developing its capital market environment in recent years and investors are taking note."
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.”

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