Korea Securities Depository Appoints Citigroup As Global Custodian for Offshore Assets
27 October 2003, Seoul, Korea - Citigroup Global Transaction Services, a unit of Citigroup, the premier financial services company (NYSE: C) and a leader in transaction services, announced today its appointment by the Korea Securities Depository (KSD) as global custodian for offshore assets.
Citigroup will provide global custody services for KSD whose clients hold investments in ten Asian markets and this appointment allows KSD to consolidate services with one bank. Citigroup will provide a single technology interface with service support in both Seoul and Hong Kong, and KSD will benefit from service efficiencies by utilizing Citigroup's proprietary sub-custodian network and comprehensive services. In the future, Citigroup will provide foreign exchange, funds administration and securities lending services to KSD clients also.
"Appointing Citigroup allows us to improve efficiencies in our Asian securities processing and offer a better service to Korean investors," said Mr H.I. (Haley) Jang, Director and Head of Global Operations at Korea Securities Depository. "This is important particularly with the increase we expect to see in outflow investments as domestic regulations gradually relax," he concluded.
"We are pleased with this appointment by KSD and look forward to providing them with a market leading service, superior network and true flexibility in meeting the needs of their investors," said Richard Brown, Region Head of Financial Institutions for Citigroup in Asia. "The appointment reflects our commitment to being a leading provider to central depositories and central banks in the region," he commented.
Citigroup is the only full-service custodian in Korea able to provide custody, clearing, trustee services, depositary receipts, and securities lending and is top rated by Global Custodian for six years in a row, and voted Best Global Custodian in Asia by Asiamoney.
About Citigroup
Citigroup (NYSE: C), the preeminent global financial services company
with some 200 million customer accounts in more than 100 countries,
provides consumers, corporations, governments and institutions with
a broad range of financial products and services, including consumer
banking and credit, corporate and investment banking, insurance, securities
brokerage, and asset management. Major brand names under Citigroup's
trademark red umbrella include Citibank, CitiFinancial, Primerica,
Smith Barney, Banamex, and Travelers Life and Annuity. Additional
information may be found at: www.citigroup.com.
About Citigroup Global Transaction Services
Citigroup® Global Transaction Services is a leading provider of
integrated cash management, trade and securities services for corporations,
financial institutions, intermediaries and governments around the
world. With over $ 92 billion in average liability balances, more
than $ 5 trillion in assets under custody and the largest proprietary
branch network, Citigroup's award-winning operating systems and
Internet-based delivery channels enable clients to manage and monitor
working capital and investments more efficiently, streamline transaction
processing cycles, and re-engineer receivables and payment processes.
Citigroup® Global Transaction Services provides clients with access
to Citigroup's full range of capabilities and solutions along with
an on-the-ground presence and in-depth knowledge of more than 90
local markets. For additional information, see www.transactionservices.citigroup.com.
Citigroup Global Transaction Services is part of Citigroup's global
corporate and investment bank, which provides complete financial
solutions to corporations, governments and institutional investors
in more than 100 countries. Award-winning businesses include corporate
and investment banking, sales and trading, transaction services,
commercial finance and insurance products. Additional information
can be found at: www.citigroupgcib.com.
