Citi opens new branch at BIFC to expand post-trade operations in Korea

The US bank becomes one of the first international tenants at the BIFC, a landmark building that anchors Busan’s rapidly developing financial district.

By Wesley Bray

Citi has opened a new office at the Busan International Finance Center (BIFC) to further support its expanding securities services operations.

The BIFC was set up by the Busan Metropolitan City Government to develop the city as a leading global financial hub and is a landmark building that anchors Busan’s rapidly developing financial district.

In December 2020, Citi was selected by Busan City to be one of the first BIFC international tenants.

Other key tenants of the BIFC include the Korean and regional government as well as various financial and trading firms.

Citi has been a global custody and fund services provider for Korean domestic investors who want to invest in major securities markets, including the US, Mainland China and Hong Kong. It has also been a key global custody partner with the Korea Securities Depository (KSD).

“Korea is and has always been a very important market for Citi and we are honoured to work with clients such as the KSD. We continue to invest in our securities services operations both regionally and globally, and this office opening allows us to provide greater levels of client service in terms of our custody and fund services offering to our institutional client base,” said Im-Sun Lee, head of custody and fund services for Korea, Citi. 

Citi said in a statement that its new BIFC office will be staffed by employees dedicated to providing global custody services to the KSD, in addition to supporting its depository and settlement functions.

“We welcome the opening of a new office by Citi. We believe Citi will continue to play a leading role in increasing operational efficiency and service stability to support the rapidly increasing outflow investment by Korean investors into global markets,” said Lee Myung-Ho, chairman and CEO of KSD.

Citi launched its first branch in Korea in 1967 and as a global financial partner, it has contributed to the Korean economy and its development for over half a century.