Seoul/Hong Kong - Citi announced today that it has opened an office to further support its expanding securities services operations at the Busan International Finance Center (BIFC), set up by the Busan Metropolitan City Government to develop Busan as a leading global financial hub. Busan City selected Citi in December 2020 to be one of the first BIFC international tenants.
As a global custody and fund services provider for Korean domestic investors who want to invest in major securities markets, including the U.S., Mainland China and Hong Kong, Citi has provided global custody services to the Korea Securities Depository (KSD) for a number of years. Citi's BIFC office will be staffed by employees dedicated to providing global custody services to the KSD in performing global securities depository/settlement services with greater efficiency.
Citi Country Officer for Korea Myung-Soon Yoo said: "I'm pleased that we have opened a new office at BIFC and I hope that we can contribute to Busan City in achieving its vision to become a global financial hub. Moreover, Citi is committed to providing sustainable and superior custody service to our clients including the KSD."
Lee Myung-Ho, Chairman and CEO of Korea Securities Depository, said: "We welcome the opening of a new office by Citi. We believe Citi will continue to play a leading role in increasing operational efficiency and service stability to support the rapidly increasing outflow investment by Korean investors into global markets."
"Korea is and has always been a very important market for Citi and we are honored to work with clients such as the KSD," said Im-Sun Lee, Citi's Korea Head of Custody and Fund Services. "We continue to invest in our Securities Services operations both regionally and globally, and this office opening allows us to provide greater levels of client service in terms of our custody and fund services offering to our institutional client base."
Since the launch of a branch in Korea in 1967, Citi, as a global financial partner, has contributed to the Korean economy and its development for over half a century. Citi plans to reorganize and strengthen its Korean businesses centered on its institutional client offering. In addition, it will continue its role as a trusted financial partner supporting the Korean financial markets as well as continuing to invest in the local community.
With over US$28.5 trillion1 of assets under custody and administration and the industry-leading proprietary network spanning over 63 markets, Citi Securities Services provides clients with in- depth local market expertise, advanced processing technologies and a wide range of custody and fund services that can be tailored to meet clients' needs.
1 As of Q1 2021 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, 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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