CITIBANK APPOINTED TRUSTEE FOR BOLIVIAN CAPITALIZATION PROGRAM.NEW YORK--(BUSINESS WIRE)--July 27, 1995--Citibank is pleased to announce that it has been appointed Trustee to the Republic of Bolivia for the Bolivian Capitalization Holding Trust. This privatization privatization: see nationalization. privatization Transfer of government services or assets to the private sector. State-owned assets may be sold to private owners, or statutory restrictions on competition between privately and publicly owned process involves six main government entities including Bolivian companies in the energy, telecommunications, airline, railroad, smelting and hydrocarbon sectors of the country's economy. Cititrust (Bahamas) Limited will provide the trust services and will also perform associated custody services including safekeeping Safekeeping The storage of assets or other items of value in a protected area. Notes: Individuals may use self-directed methods of safekeeping or the services of a bank or brokerage firm. and dividend posting for the securities during an 18 month period. Following this initial phase, the assets are scheduled to be transferred to a private pension fund system (Administration de Fondos de Pensiones, AFP (1) (AppleTalk Filing Protocol) The file sharing protocol used in an AppleTalk network. In order for non-Apple networks to access data in an AppleShare server, their protocols must translate into the AFP language. See file sharing protocol. ) which will require master trust and global custody services also to be provided by Citibank, N.A. Citibank's selection was the result of a request for proposal from the Ministry of Capitalization of Bolivia and sent to 11 institutions. Earlier this year, the Republic of Bolivia launched a privatization process seeking strategic investors who will invest an amount of no less than 50% of the nominal value Nominal Value The stated value of an issued security that remains fixed, as opposed to its market value, which fluctuates. Notes: When referring to fixed-income securities, the nominal value is also the face value. , as determined by the Bolivian government, in the six entities. In addition to receiving 50% of the companies' total shares, the strategic investors will also manage each company for a pre-established period and will be subject to limitations on the sale of their ownership position. The remaining 50% of the newly privatized entity will be transferred to a private pension fund system to benefit Bolivian citizens above the age of 21 years. The Republic of Bolivia expects to generate a total of US$ 1.8 Billion through this privatization process. The implementation of the private pension fund system is subject to passage of legislation by the Bolivian Congress. Citibank provides a complete range of cross-border custody and clearing services to institutional clients around the world. Citibank's securities services include settlement, safekeeping, interest and dividend collection, tax reclamation, corporate action notification, cash management, foreign exchange, recordkeeping, reporting and information management, and global securities lending Securities Lending When a brokerage lends securities owned by its clients to short sellers. Notes: This allows brokers to create additional revenue (commissions) on the short sale transaction. . Citibank's custody business operates through a proprietary network of Citibank branch offices in 48 countries and serves customers in 53 markets worldwide. Citibank has more than 80,000 employees and operations in 94 countries. CONTACT: Citibank, N.A. - New York New York, state, United States New York, Middle Atlantic state of the United States. It is bordered by Vermont, Massachusetts, Connecticut, and the Atlantic Ocean (E), New Jersey and Pennsylvania (S), Lakes Erie and Ontario and the Canadian province of Michael Williams Michael Williams may refer to:
Mona Zaabi, 212/657-5978 or Citibank, N.A. - La Paz La Paz, city, Bolivia La Paz (lä päs), city (1992 pop. 713,378), W Bolivia, administrative capital (since 1898) and largest city of Bolivia. The legal capital is Sucre. , Bolivia Fernando Anker, 591-2-342-088 Eduardo Wilde, 591-2-342-088 |
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