Citi selected as sole custodian for Mexican CSD’s US assets

The consolidation of the US assets, representing $39 billion, with Citi as its single provider successfully went live in December last year.

By Joe Parsons

Citi has been appointed as the sole custodian and tax services provider for the US assets of Indeval, Mexico’s central securities depository (CSD), and its global securities programme (SIC).

The programme, representing nearly $39 billion of assets, was created by the Mexican Stock Exchange and Indeval to provide investors access to international securities and further develop the local capital market.

The consolidation of the US assets with Citi as its single provider successfully went live in December last year.

“Indeval demands the highest levels of operational efficiency and transparency. High performance is critical for our business, as we serve a large number of investors every day,” said Roberto Gonzalez Barrera CEO of Indeval.

“Citi’s local presence, commitment and long-term experience in the United States and Mexico will help us provide the highest standard of service that our customers have become accustomed to.”

The new mandate builds on the existing relationship between Citibanamex and Indeval, and represents the majority of the assets listed on the SIC.

“This mandate is the outcome of our commitment to developing tailored solutions, made possible by our ability to support regulatory requirements in both Mexico and the U.S., combined with the talent of our custody teams,” added Jay Martin, North America head of Citi’s custody and fund services business.

In December, Indeval appointed the New York branch of BNP Paibas Securities Services to serve as the global custodian for a portion of their assets on European and global markets, and as a secondary provider on the US and Canadian markets.