Citibank Wins Global Custody and Trusteeship for Credit Suisse Asset Management UK Retail Unit Trust / OEIC Business.Business Editors NEW YORK--(BUSINESS WIRE)--April 28, 2000 Citibank Worldwide Securities Services (WWSS WWSS Worldwide Satellite Systems (US DoD contract vehicle) WWSS Warfare and Warfare Support System ), a division of Citigroup's Global Corporate and Investment Bank, is pleased to announce that it has been awarded Trusteeship and Global Custody for all of the unit trust business of Credit Suisse The Credit Suisse Group (SWX:CSGN, NYSE: CS) is a financial services company, headquartered in Zürich, Switzerland. It is the second-largest Swiss bank, behind UBS AG. Asset Management UK Retail Unit Trust / OEIC OEIC Open Ended Investment Company OEIC OptoElectronic Integrated Circuit Business. The unit trusts have a current value of (pound)1.3bn. Credit Suisse Asset Management UK Retail Unit Trust / OEIC Business recently conducted a review of all major suppliers and Citicorp Trustee Company Limited and Citibank Global Custody were awarded the custodian and trusteeship of all their funds as a result. The review was sparked by the exit of Lloyds from the custody market. The strength of Citibank's trustee and depository services was key in the decision making. "We were extremely impressed with Citibank's knowledge and experience as trustees and felt that they were really leading the rest of the market in this area." Commented Akgun Dervis, Head of Retail Operations for Credit Suisse Asset Management UK Retail Unit Trust / OEIC Business. "We are delighted to be working with Credit Suisse Asset Management UK Retail Unit Trust / OEIC Business" added Graham Witherick, Head of Citicorp Trustee Company Limited (CTCL CTCL Cutaneous T Cell Lymphoma ). "Their unit trusts were converted to OEICS OEICS Open-Ended Investment Companies over the Easter weekend and Citibank assumes its new responsibilities shortly afterwards." Citibank Worldwide Securities Services (WWSS) is a unit of Citigroup's Global Corporate and Investment Bank. WWSS serves global issuers, investors and intermediaries through the industry's largest proprietary network, spanning 51 countries. It currently provides securities services to more than 2,500 customers worldwide and has $3.9 trillion in assets under custody. WWSS is the industry's premier custodian of cross-border assets, top ranked global clearer and recognised 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 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. |
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