Miami, Fla. – For the 18th consecutive year, Citi was recognized with the 2021 Best Sub-custodian Bank Award in Latin America by Global Finance Magazine. Additionally, Citi also won Best Sub-custodian Bank in Argentina, Brazil, Colombia, Peru, Mexico, and Chile (Banco de Chile*).
The awards recognize the institutions that reliably provide the best services in local markets and regions based on market research, input from expert sources and entries from banks to select the institutions. With the unprecedented events of this year, Global Finance's Sub-custodian recognized those institutions that embraced new and innovative ideas to meet the challenges they faced.
"We are thrilled to be recognized once again with the overall sub-custody award in Latin America as well as several individual country awards," said Ricardo Hesse, Head of Securities Services for Latin America. "Given the breadth of Citi's proprietary network, the largest in the industry, we continue our commitment to providing clients consistent, accurate, reliable and prompt market information, setting us apart from the competition."
"Despite the unprecedented volatility caused by COVID-19, the Latin American markets operated well and proved more resilient than what many expected they would be," said Hesse. "For Citi, it has been an honor to have played an instrumental role as custodian provider in minimizing market-wide instability in the region."
This past year, Citi focused on providing clients updated on key market developments, transactional environments, and regulatory changes. Citi also worked with regulators in the adoption of digitalized solutions in the region to meet the needs of the market.
With over $28.5 trillion of assets under custody** and administration and the industry-leading proprietary network spanning over 60 markets, Citi's custody business provides clients with in-depth local market expertise, advanced processing technologies and a wide range of fund services that can be tailored to meet clients' needs. Regionally, Citi accounts for $850 billion in assets under custody. In Chile, Banco de Chile's* market share increased to 80%.
In the Americas, in addition to its domestic custody in the U.S., Citi is the leading custody provider with a dominant local presence in Argentina, Brazil, Colombia, Mexico, Peru and Panama. Citi has built deep expertise in each country where it is trusted with the safekeeping and servicing its clients' assets.
List of awards
The following awards were won by Citi and are referenced in this press release:
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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For more information, please visit https://www.citibank.com/mss/dcc/.
* Banco de Chile operates as a Sub-custodian of Citi in Chile.
**AUC/A figure separately represents gross assets for which Citi provides Global Custody and sub-custodian services via its Direct Custody and Clearing business. Citi previously reported AUC/A numbers on a net basis, therefore discounting assets serviced by both businesses.
Citi Latin America
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