Citibank Worldwide Securities Service (WWSS) Thailand was recently awarded Securities Borrowing and Lending (SBL) Agent license from the Thailand Ministry of Finance (MOF).
In Thailand, there is a mandatory stock borrowing and lending program that is operated by the Thailand Securities Depository Co., Ltd. This program allows local broker-members and sub-brokers to fulfill their settlement obligations to the stock exchange.
“The SBL license will enable Citibank to act as a securities lending agent facilitating loans between institutions holding Thai securities and the broker community. It will help strengthen our position to market securities lending service in the future, further complementing our suite of custodial services in Thailand,” said Paul O’Brien, Securities Lending Head of Citibank WWSS Asia. “The issuance of an SBL license to other qualified intermediaries is a positive step towards the continued development of securities lending activity in Thailand” O’Brien added.
According to Dol Watanasri, Securities Country Manager of Citibank WWSS Thailand, “Citibank WWSS is presently the largest foreign custodian in Thailand, and #1 foreign custodian to domestic Thai mutual funds, private funds and provident funds. Amongst foreign banks, Citibank has the widest access to local shares, giving us a distinct advantage to offer securities lending services in Thailand.”