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Citigroup Inc. (NYSE: C)
May 08, 2008
Citi Indonesia & BII Team Up for Securities & Fund Services
Strategic Partnership to Strengthen BII's Custody Business as a Global Player
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Under the terms of the appointment BII can enter into and settle its custodial transactions in Europe and the United States markets, through Citi Indonesia's Securities and Fund Services' (SFS) direct access to both the Euroclear and Clearstream global central securities depositories.
BII will also have access to CitiDirect for Securities, Citi's web-based platform for securities settlement that offers analytic tools, transaction banking, dynamic information and other online services that provides enhanced efficiency, reduced operating costs, and improved performance.
By partnering with Citi, BII's own custody business can benefit from shorter turnaround time for instructions, expanded cash and corporate action services, faster responses to queries, the highest straight-through processing (STP) rates in the industry, and a more cost-effective transaction process resulting from directly processed investment requests by Citi Indonesia.
BII has continuously upgraded its Custody and Fund Services business over the years through the implementation of new custody and fund administration systems and service enhancements. This new partnership with Citi adds on to the series of BII's advancement efforts to expand its global transaction services business and further strengthen its client-servicing capabilities.
"We are pleased to announce that, through this partnership with Citi, BII clients can expect more effective and efficient custody access to global markets. This partnership, in addition to our other business enhancements, are solid proof of the focus and commitment to continuously improve our custody and fund services product offering and services," said BII Corporate Banking Director, Dira K. Mochtar. "The custody business in Indonesia keeps growing every year, and it is our aim to strengthen and expand our product breadth."
Commenting on the announcement, Anand Pande, Managing Director, Citi's Head of Global Transaction Services Indonesia said: "Our key differentiator is that we are the only bank in Indonesia that can provide both access to Euroclear and Clearstream as well as input and processing transaction capabilities on CitiDirect for securities. With the added support of our on-the-ground team of 100 dedicated securities professionals in Indonesia, we will provide expertise and consistency to BII and strengthen its custody business."
"This appointment is in line with our commitment to be Indonesia's best bank that provides world class standards of client service and product innovation," said BII President Director, Henry Ho. "BII's value proposition is not to offer a stand-alone product, but a set of solution through our wide range of products that helps our clients meet their financial needs and grow their business."
Citi Markets & Banking Indonesia Country Business Manager, Tigor M. Siahaan, said: "We are excited to partner with BII who shares our sense of passion and commitment to provide clients with the best service."
"This is an example of Citi implementing its strategy of providing value-added solutions, supported by our worldwide banking platform, to meet our clients' financial needs. BII can expand its product offering to its clients by leveraging on Citi's global platform to automate all of its custody transaction processes," he added.
Citi Indonesia SFS was awarded as "Top Rated and Top Score" for Cross Border Clients in 2006 and "Top Rated" for Domestic Client in 2007 by the Global Custodian Emerging Markets Survey.
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Citi
Citi, the leading global financial services company, has some 200 million customer accounts and does business in more than 100 countries, providing 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. Citi's major brand names include Citibank, CitiFinancial, Primerica, Smith Barney, Banamex, and Nikko. Additional information may be found at www.citigroup.com or www.citi.com.
Certain statements in this document are "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act. These statements are based on management's current expectations and are subject to uncertainty and changes in circumstances. Actual results may differ materially from those included in these statements due to a variety of factors. More information about these factors is contained in Citigroup's filings with the Securities and Exchange Commission.
BII
BII is one of the largest banks in Indonesia with an international network that comprises over 230 branches and 700 ATMs across Indonesia accessible through ALTO and ATM Bersama, as well as a banking presence in Mauritius, Mumbai and the Cayman Islands. With a total customer deposit base around Rp38 trillion and over Rp54 trillion in assets, BII provides full range of financial services through its branch and ATM network, phone banking and internet banking channels. BII is listed on the Jakarta Stock Exchange and Surabaya Stock Exchange (BNII) and is active in SME/Commercial, Consumer and Corporate banking. BII provides products and services to medium and commercial size enterprises and individuals with credit cards, mortgages, deposit, lending, and wealth management services. Corporate clients are provided with services in trade finance, cash management, lending, custody, and foreign exchange.