Citibank Agency and Trust Announces Plans to Assume Market Leadership for Asset-backed Securities.Business Editors NEW YORK--(BUSINESS WIRE)--Feb. 5, 2001 Citibank announced today a broadened effort designed to assume market leadership in servicing issuers of asset-backed securities Asset-backed security A security that is collateralized by loans, leases, receivables, or installment contracts on personal property, not real estate. asset-backed security A debt security collateralized by specific assets. . Citibank said the effort would highlight its ability to provide differentiating trustee capabilities and bond analytics to the asset-backed market. "We have a dedicated structured finance team that has experience with virtually every type of asset-backed issue. We've been delighted at the market's exceptional response to our products and enhanced capabilities," said Jeffrey Volk, Managing Director, Citibank Agency and Trust. "Simply put, we are capitalizing on the expertise Citibank has accumulated over the last 15 years as the largest global issuer of asset-backed securities for the benefit of our clients." During the past six months Citibank has enhanced its structured finance team with several senior-level appointments, including Stuart Landucci, Sales Director, Structured Finance Services; Jennifer Cupo, Team Leader for MBS See Mb/sec. MBS - mobile broadband services ; Dan Earle, Team Leader for Bond Analytics; and Vada Haight, Team Leader for ABS. Mark Hartzell, Senior Business Development Executive for Citibank Agency and Trust, said that Citibank has made significant investments in state-of-the-art bond analytics, internet and proprietary information delivery systems for investors, underwriters and issuers. Hartzell said the Structured Finance team will be actively involved in industry activities and initiatives, as well as conference appearances and speaking engagements. Citibank Agency and Trust offers a full range of agency, fiduciary and depository The place where a deposit is placed and kept, e.g., a bank, savings and loan institution, credit union, or trust company. A place where something is deposited or stored as for safekeeping or convenience, e.g., a safety deposit box. services in both established and emerging markets. It manages approximately 3,000 appointments globally for more than 1,500 major corporations, governments and other entities having a variety of debt and equity services. Its portfolio covering all debt and equity product offerings exceeds $2 trillion in outstanding debt. Citibank Agency and Trust is part of Citibank Worldwide Securities Services. Citibank Worldwide Securities Services (WWSS WWSS Worldwide Satellite Systems (US DoD contract vehicle) WWSS Warfare and Warfare Support System ) serves global issuers and investors through the industry's largest proprietary network, spanning 51 countries. It currently provides securities services to more than 2,500 customers worldwide and has $4 trillion in assets under custody. WWSS is the industry's premier custodian of cross-border assets, dominant servicer of global securities, and recognized leader in depositary receipt depositary receipt A negotiable certificate that represents a company's publicly traded debt or equity. Depositary receipts are created when a company's shares or bonds are delivered to a depositary's custodian bank, which instructs the depositary to issue services and agency and trust services. The local presence of WWSS, supported globally by Regional Service Centers, ensures clients of consistent transaction processing Updating the appropriate database records as soon as a transaction (order, payment, etc.) is entered into the computer. It may also imply that confirmations are sent at the same time. Transaction processing systems are the backbone of an organization because they update constantly. worldwide, proprietary control of clearing cycles, and reduced risk in all cross-border securities transactions. Citigroup (NYSE NYSE See: New York Stock Exchange :C), the most global financial services The examples and perspective in this article or section may not represent a worldwide view of the subject. Please [ improve this article] or discuss the issue on the talk page. company, provides some 100 million consumers, corporations, governments and institutions in 101 countries with a broad range of financial products and services, including consumer banking and credit, corporate and investment banking, insurance, securities brokerage and asset management. The 1998 merger of Citicorp and Travelers Group brought together such brand names as Citibank, Travelers, Salomon Smith Barney Smith Barney is a division of Citigroup Global Capital Markets Inc., a global, full-service financial firm, that provides brokerage, investment banking and asset management services to corporations, governments and individuals around the world. , Commercial Credit and Primerica under Citigroup's trademark red umbrella. Additional information can be found at: http://www.citi.com. |
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