Citigroup Global Transaction Services has won a mandate from UK-based life and pensions provider Prudential to provide its insurance and unit-linked products in Asia with securities services, fund accounting and fund administration.
The appointment follows a five month search in which four major global banks, including Citigroup, were asked to respond to a detailed Request For Proposal (RFP). The RFP process also entailed on-site due diligence of Citigroup facilities in Asia by Prudential.
Citigroup will provide domestic and global custodial services to the insurance funds and unit-linked products of Prudential’s operations in Hong Kong, Indonesia, Malaysia, South Korea, Philippines, Singapore, Taiwan, Thailand and Vietnam. In addition, Citigroup will provide investment accounting services for the assets and act as the securities lending agent in markets where it is permitted by local regulation.
“We are deeply honored to be appointed by Prudential Corporation Asia,” says said Anthony Nappi, Asia Pacific Business Head for Citigroup Global Transaction Services. “This mandate underlines Citigroup’s understanding of the insurance sector in Asia and our market leadership position in structuring innovative solutions that meet the needs of this sector. We are eager to work with Prudential Corporation Asia to help them achieve their business objectives.”
Barry Stowe, Chief Executive of Prudential Corporation Asia, says Prudential is “looking forward to implementing its securities and fund accounting services in a regional banking relationship with Citigroup. This is a reflection of our continuing endeavors to achieve regional benefits and efficiencies in our operations across the region.”