Citibank Appointed Settlement And Depository Service Provider For Labuan International Financial Exchange.
NEW YORK--(BUSINESS WIRE)--Nov. 24, 2000
Citibank Worldwide Securities Services, a unit of Citigroup's Global Corporate and Investment Bank, has been appointed settlement and depository service provider for Labuan International Financial Exchange's (LFX) newly created exchange in Labuan Island, an offshore financial center of Malaysia.
Under the appointment, Citibank will provide securities settlement services for the Labuan International Financial Exchange and its trading agents, and U.S. dollar cash clearing services through its Citibank New York office. Citibank will act as an agent of Labuan International Financial Exchange to provide settlement and depository services to LFX and its participants who may be Listing Sponsors, Trading Agents, and Investors.
LFX is a web-based exchange that will trade US Dollar-denominated financial instruments and securities. Given its offshore status operating in Malaysia's offshore financial center of Labuan, LFX is not subject to the onshore selective capital controls and will be regulated by the Labuan Offshore Financial Services Authority (LOFSA), rather than the Malaysia Securities Commission.
"This is a natural extension of our clearing product set to be an infrastructural provider to an exchange," said Anthony Galliano, Asia Pacific Region Head for Citibank's Worldwide Securities Services. "As the largest clearing bank to the broker-dealer community, we are very pleased to be able to service our customers in this new role as a settlement and depository bank to this newly innovative exchange. We look forward to a successful partnership with LFX," said Mr. Galliano.
Citibank is one of the top custodian banks in Malaysia with a client base that consists of major domestic and global insurance companies, top custodian banks, international broker/dealers and public sector names. Citibank is one of the leading market authorities in Malaysia, playing a key role in numerous industry groups including the Settlement System Working Group of the Kuala Lumpur Stock Exchange.
Citibank was the first custodian bank to develop a systems interface to the Malaysian Central Depository (MCD) in August 1998. The interface allows for the automatic transfer of instructions and confirmations, thereby increasing settlement efficiency and making Citibank volume-insensitive.
Citibank Worldwide Securities Services Malaysia is Top-Rated in Global Custodian's Emerging Markets Survey in 1999, achieving the highest score in the survey. The bank was also named #1 Overall Clearing Bank according to iCB magazine in 1998 and 1999; and Best Foreign Commercial Bank in Malaysia by Finance Asia, 2000. Citibank Worldwide Securities Services Malaysia achieved ISO-9002 certification for provision of custodial services to domestic and cross-border clients in September 1999.
Citibank Malaysia has been providing custody services to institutional investors since 1987.
Citibank is a member of Citigroup, the most global financial services company, which provides some 100 million consumers, corporations, governments and institutions in 100 countries with a broad range of financial products and services.
Citibank Worldwide Securities Services (WWSS) is a unit of Citigroup, Inc.'s Global Corporate and Investment Banking Division. WWSS 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 US$4 trillion in assets under custody. Further information on WWSS can be found at Citibank's website www.citibank.com/corpbank/wwss
Citigroup (NYSE:C), the most global financial services company, provides some 100 million consumers, corporations, governments and institutions in 100 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, Commercial Credit (now named CitiFinancial), and Primerica under Citigroup's trademark red umbrella. Additional information may be found at: www.Citigroup.com
|Printer friendly Cite/link Email Feedback|
|Date:||Nov 24, 2000|
|Previous Article:||Luxottica Group Announces Approval of Offering by Italian Securities Authority CONSOB.|
|Next Article:||Citibank Announces Global Offering Including Royal KPN N.V. ADSs and ADNs; Premier Dutch Telecommunications Provider Expands Its NYSE-Listed ADR...|