Banking News

Citi supplies first common depository in Asia Pacific

Citi supplies first common depository in Asia Pacific

(27 March, 2013 – Hong Kong) Citi is serving Asia Pacific with its first common depository location outside of Europe; appointing Euroclear Bank and Clearstream, the International Securities Depositories (ICSDs) to provide services from Hong Kong. As a Common Depository, Citi is appointed to safe keep and service securities issued into the international securities markets.

"The move to broaden our service represents Citi’s first Common Depository location outside of Europe and enables Citi to better support Asia Pacific clients, as well as global clients operating from the region, issue securities into the international debt markets," said David Russell, Regional Head, Asia Pacific for Securities and Fund Services, Citi.

Alton Chan, Regional Head of North Asia, Clearstream, said: "The development of this service shall bring added-value to issuers and investors located in the region, in terms of proximity, efficiency and access to global capital markets."

"Clearstream will increasingly use its operational presence in Singapore to support the development of the international securities market."

"Euroclear Bank’s long-time relationship with Citi as a Common Depository in Europe serves as the foundation to a credible and successful relationship in the Asia Pacific region" commented Olivier Grimonpont, General Manager and Regional Head, Asia Pacific for Euroclear Bank.

Citi has been an appointed Common Depository for Euroclear Bank and Clearstream since 1986.

Currently safekeeping and servicing over 30,000 bearer and registered global securities, Citi’s strength as a Common Depository is closely tied to its dominant position in providing Issuing and Paying Agency services for over 30 percent of all debt instruments issued via Euroclear Bank and Clearstream and global instruments issued via the Depository Trust Company in the last six years by deal value.
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