Citi wins OCBC custody mandate for 14 markets

The US bank snaps up a custody mandate from OCBC Securities to provide services for its clients across 14 markets.
Singapore-based OCBC Securities has signed a custody agreement with Citi to use its proprietary back-end network to support its trading and investment activities in 14 markets. Citi has declined to reveal the size of the mandate.

Clients of OCBC Securities who trade in Hong Kong, Indonesia, Malaysia and Thailand already have access to the direct custody services provided by Citi. Migration of accounts and provision of custody services are now being rolled out for the rest of the 14 markets.

"To deliver superior direct custody services, we believe that expertise must lie in the local markets, which is how Citi structures its regional direct custody and clearing business,ö says Mike Sleightholme, managing director and regional head of direct custody and clearing, Citi Asia-Pacific. ôBy having the on-the-ground delivery services, we bring clients closer to the market and add value in terms of access to information, corporate actions and regulatory changes."

In addition, Citi will provide direct clearing services for the Hong Kong market, where OCBC Securities is a direct clearing member of the Hong Kong Stock Exchange.

Markets covered include Australia, Canada, China B (Shanghai and Shenzhen), Europe, Hong Kong, India, Indonesia, Japan, Korea, Malaysia, Philippines, Taiwan, Thailand and the UK.

OCBC Securities is a wholly owned subsidiary of OCBC Bank. It is a member of Singapore Exchange Securities Trading Limited and Singapore Exchange Derivatives Trading Limited.
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