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Citi launches new online service in Malaysia

CitigroupÆs securities services business adds its global web-based delivery platform to another Asian market.
Following its successful launch in other Asian markets, Citigroup has announced that CitiDirect for securities, its global web-based delivery platform, will be available in Malaysia. Clients in Malaysia will now have real-time access to securities settlement accounts, and comes during a time where the bank is seeing a substantial growth in its Malaysian assets under custody.

This follows CitigroupÆs recent introduction of the platform in Hong Kong, Singapore, Taiwan and Japan in 2005. Benefits of the CitiDirect for securities include provides up to the minute access to transaction data and market intelligence that Citi says increases efficiency, lowers operating costs, and improves overall performance.

Like users in these other Asian markets, Malaysian clients will have access to solutions that include full service reporting, transaction initiation, corporate actions, market information, customer service tools, and securities lending reporting as well as advanced analytical tools. Additionally, the expanding suite of solutions will also include enhancements to allow clients to send all their securities settlement instructions from a single entry point, to view and respond immediately to corporate actions and to export data in a wide variety of file formats.

The Malaysia launch of the platform comes after several years of solid growth for CitiÆs securities services in the country. Between the years 2002 to 2005, assets under custody have grown by 123% against a market capitalisation growth of the Bursa Malaysia depository of 38%, while revenues have increased 149% with transaction volume up by 63%.

ôWe have seen a tremendous growth in the industry in Malaysia and across Asia Pacific,ö says Margaret Dawson, Citigroup Corporate and Investment BankingÆs Asia-Pacific region head for securities and funds services. ôGiven the current focus on technology as a business enabler, we believe that this service ultimately meets our objective û which is to help clients manage their business more effectively.ö

As with other markets with access to CitiDirect for securities, target users will include insurance companies, unit trusts, fund managers and trustee companies.
¬ Haymarket Media Limited. All rights reserved.
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