Citi to provide Bangladesh Bank with global custody services
Tuesday, 25 August 2009
FE Report
Citi Securities and Fund Services, a division of Global Transaction Services, has been mandated by Bangladesh Bank to provide global custody services.
Under the mandate, Citi Securities and Fund Services will provide an array of global custody services to Bangladesh Bank including safekeeping of assets, settlements monitoring, corporate action processing, income collection, recordkeeping and consolidated reporting, said a press release.
The mandate will initially cover Bangladesh Bank's offshore investments in major international markets. Under the agreement, Bangladesh Bank will be better positioned to expand and diversify investments into different markets, leveraging Citi's experience in providing end-to-end securities services across the globe.
The proven track record of Citi in providing solutions for the region's leading public sector organizations, including central banks, stands as another differentiating factor in choosing Citi.
Commenting on this, Mamun Rashid, Managing Director & Citi Country Officer-Bangladesh said, "Citi is committed to bring our global solutions for the benefit of the public sector in Bangladesh. This is in line with our vision to become an embedded partner of the government sector in their digitization initiative. I am pleased and honoured that our regulator, Bangladesh Bank has chosen Citi for their global custody solutions."
Md. Amzad Hossain, General Manager of Bangladesh Bank said: "We were very impressed with Citi's experience and ability to customize a global custody solution that was consistent with the plans of Bangladesh Bank. We continue to evolve as an offshore investor and through our global custodian partnership with Citi we are confident of expanding further in the coming years."
This landmark win follows the recent service expansion by Citi Securities and Fund Services in Bangladesh. In December 2008, Citi launched Direct Custody and Clearing services in Bangladesh, extending its proprietary network to 16 markets in Asia Pacific.
Within the Global Transaction Services franchise in Bangladesh, clients are also provided with market-leading end-to-end Treasury and Trade Solutions and Agency and Trust services.
Citi Securities and Fund Services, a division of Global Transaction Services, has been mandated by Bangladesh Bank to provide global custody services.
Under the mandate, Citi Securities and Fund Services will provide an array of global custody services to Bangladesh Bank including safekeeping of assets, settlements monitoring, corporate action processing, income collection, recordkeeping and consolidated reporting, said a press release.
The mandate will initially cover Bangladesh Bank's offshore investments in major international markets. Under the agreement, Bangladesh Bank will be better positioned to expand and diversify investments into different markets, leveraging Citi's experience in providing end-to-end securities services across the globe.
The proven track record of Citi in providing solutions for the region's leading public sector organizations, including central banks, stands as another differentiating factor in choosing Citi.
Commenting on this, Mamun Rashid, Managing Director & Citi Country Officer-Bangladesh said, "Citi is committed to bring our global solutions for the benefit of the public sector in Bangladesh. This is in line with our vision to become an embedded partner of the government sector in their digitization initiative. I am pleased and honoured that our regulator, Bangladesh Bank has chosen Citi for their global custody solutions."
Md. Amzad Hossain, General Manager of Bangladesh Bank said: "We were very impressed with Citi's experience and ability to customize a global custody solution that was consistent with the plans of Bangladesh Bank. We continue to evolve as an offshore investor and through our global custodian partnership with Citi we are confident of expanding further in the coming years."
This landmark win follows the recent service expansion by Citi Securities and Fund Services in Bangladesh. In December 2008, Citi launched Direct Custody and Clearing services in Bangladesh, extending its proprietary network to 16 markets in Asia Pacific.
Within the Global Transaction Services franchise in Bangladesh, clients are also provided with market-leading end-to-end Treasury and Trade Solutions and Agency and Trust services.