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For Immediate Release Citigroup Inc. (NYSE: C)

Citi to Launch Fund Custody Business in China

July 30, 2021

SHANGHAI/HONG KONG – Citibank (China) Co., Ltd. ("Citi China") announced today it has received final approval by the China Securities Regulatory Commission (CSRC) to launch securities investment fund custody services onshore.

Through this approval, Citi has become the first major global custodian1 to be permitted to operate a domestic Chinese fund custody business. The Chinese asset management industry is one of the world's largest, with an estimated US$19 trillion of assets-under-management (AUM) onshore.

"We are delighted to assist more of our global clients to participate in the continuously opening Chinese capital markets," said Christine Lam, Chief Executive Officer of Citi China. "We will play to our strengths in cross-border services and bring the best of our global network and best practices to the Chinese market, providing standardized and global services for domestic and global clients."

"We are honored to be given this opportunity to support the further development of the Chinese asset management industry and to bring international best practice in securities services to China. We look forward to servicing global asset managers as they establish onshore China business and to work with domestic asset managers as they grow their businesses onshore and globally" David Russell, Citi's APAC Head of Securities Services and Hong Kong Markets Head, commented.

Citi has had a presence in China since 1902 and has been providing cross-border securities services in China for more than two decades. Citi has also participated in the development of major investment avenues for foreign investors, from Qualified Foreign Institutional Investor (QFII) and Renminbi Qualified Foreign Institutional Investor (RQFII) through to China Interbank Bond Market (CIBM) Direct.

Late last year, Citi successfully completed some of the first securities lending trades on the first day of the implementation of new QFII regulations, and also facilitated some of the first margin financing and securities borrowing transactions in China for global investors.

With over US$28.52 trillion 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 In terms of custodians by assets under custody Q2 2021: custody/

2 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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Media contacts
Marine Mao,, +86 (21) 2896 6366
Noah Sin,, +86 (21) 2896 6392
Godwin Chellam,, +852 2868 7682

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