Citigroup Appointed Custodian For $300 Billion In Assets Serviced by Federal Home Loan Banks.Business Editors NEW YORK--(BUSINESS WIRE)--July 29, 2003 One of the Largest Custody Appointments Ever Reflects Citigroup's Strategic Focus on Growing Its U.S. Transaction Services Business Citigroup Global Transaction Services announced today it has been appointed custodian for $300 billion in assets serviced by 7 out of 12 banks of the Federal Home Loan Bank (FHLBank) System, collectively representing one of the largest such appointments in the history of the transaction services industry. Citigroup said it has been appointed custodian for the FHLBanks of Chicago, Des Moines Des Moines, city, United States Des Moines (dĭ moin`), city (1990 pop. 193,187), state capital and seat of Polk co., S central Iowa, at the junction of the Des Moines and Raccoon rivers; inc. , Indianapolis, 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 , Pittsburgh, San Francisco San Francisco (săn frănsĭs`kō), city (1990 pop. 723,959), coextensive with San Francisco co., W Calif., on the tip of a peninsula between the Pacific Ocean and San Francisco Bay, which are connected by the strait known as the Golden and Topeka. Prior to the appointment, Citigroup already served as custodian for an additional $130 billion of assets serviced by the FHLBanks of Atlanta and Boston. "We have been impressed by Citigroup's commitment to the custody business and the consistent, high quality service levels they currently provide to the FHLBanks of Atlanta and Boston. We look forward to working with them as they customize their offerings to meet our unique needs," said Alfred DelliBovi, President & CEO (1) (Chief Executive Officer) The highest individual in command of an organization. Typically the president of the company, the CEO reports to the Chairman of the Board. , Federal Home Loan Bank of New York The Bank of New York, abbrieviated to BNY, was a global financial services company that existed until its merger with the Mellon Financial Corporation on July 2, 2007.[1] The bank now continues under the new name of The Bank of New York Mellon Corporation. . "We are extremely pleased to be chosen as the custody provider for these banks within the Federal Home Loan Bank System Noun 1. Federal Home Loan Bank System - the central credit system for thrift institutions financial institution, financial organisation, financial organization - an institution (public or private) that collects funds (from the public or other institutions) and ," said Sandy Jaffee, Head of Financial Institutions for Citigroup Global Transaction Services. "Taken together, these appointments reflect a strong vote of confidence in our ability to integrate our service offerings with our operations and technology platforms on the client's behalf." Jaffee added that the appointment highlights Citigroup's strategic focus on growing its business in the United States United States, officially United States of America, republic (2005 est. pop. 295,734,000), 3,539,227 sq mi (9,166,598 sq km), North America. The United States is the world's third largest country in population and the fourth largest country in area. by meeting the evolving securities services needs of U.S.-based institutional investors. The FHLBank system was created by Congress in 1932 to ensure the availability of funds for mortgages. More than 7,900 financial institutions around the country are members of the Federal Home Loan Bank System. About Citigroup Citigroup (NYSE NYSE See: New York Stock Exchange :C), the preeminent 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 with some 200 million customer accounts in more than 100 countries, provides consumers, corporations, governments and institutions with a broad range of financial products and services, including consumer banking and credit, corporate and investment banking, insurance, securities brokerage and asset management. Major brand names under Citigroup's trademark red umbrella include Citibank, CitiFinancial, Primerica, 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. , Banamex and Travelers Life and Annuity. Additional information may be found at: www.citigroup.com. About Citigroup Global Transaction Services Citigroup(R) Global Transaction Services is a leading provider of integrated cash management, trade finance and securities services for corporations, financial institutions, intermediaries and governments around the world. With over $85 billion in average liability balances, more than $5.5 trillion in assets under custody and the largest proprietary branch network, Citigroup's award-winning operating systems Operating systems can be categorized by technology, ownership, licensing, working state, usage, and by many other characteristics. In practice, many of these groupings may overlap. and Internet-based delivery channels enable clients to manage and monitor working capital and investments more efficiently, streamline transaction processing cycles and re-engineer receivables and payment processes. Citigroup(R) Global Transaction Services provides clients with access to Citigroup's full range of capabilities and solutions along with an on-the-ground presence and in-depth knowledge of more than 90 local markets. For additional information, see www.transactionservices.citigroup.com. Citigroup Global Transaction Services is part of Citigroup's global corporate and investment bank, which provides complete financial solutions to corporations, governments and institutional investors in more than 100 countries. Award-winning businesses include corporate and investment banking, sales and trading, transaction services, commercial finance and insurance products. Additional information can be found at: www.citigroupssb.com. |
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