Citi has extended its common depository services to Asia Pacific following the appointment by ICSDs Euroclear Bank and Clearstream to provide sub-depository services from Hong Kong.
As a common depository, Citi is appointed to safe keep and service securities issued into the international securities markets.
The move to broaden our service represents Citis first common depository location outside of Europe and enables Citi to better support Asia Pacific clients, as well as global clients operating from the region, issue securities into the international debt markets, said David Russell, regional head, Asia Pacific for Securities and Fund Services, Citi.
Citi is honored to have the support of both Euroclear Bank and Clearstream on this new service, which complements not only our core Agency and Trust Services business but also the full suite of Securities and Fund Services we offer. We are now well-positioned to consider additional enhancements that will deliver greater efficiencies in settlement and clearing for our clients.
Alton Chan, regional head of North Asia, Clearstream, said: “The development of this service shall bring added-value to issuers and investors located in the region, in terms of proximity, efficiency and access to global capital markets. Clearstream will increasingly use its operational presence in Singapore to support the development of the international securities market.
Euroclear Banks long-time relationship with Citi as a common depository in Europe serves as the foundation to a credible and successful relationship in the Asia Pacific region commented Olivier Grimonpont, general manager and regional head, Asia Pacific for Euroclear Bank. Throughout Asia Pacific, including through our well-established Asian operations center based in Hong Kong, which has been serving the needs of regional issuers and investors alike for decades, Euroclear Bank is supportive of Citis move to the region. We look forward to the continuing growth of the international securities market in the region together with Citi as one of our Common Depository partners.
Citi has been an appointed common depository for Euroclear Bank and Clearstream since 1986.
(JDC)