Citi has been appointed to provide a comprehensive range of custody and portfolio administration services to the Federal Home Loan Bank of New York (HLB), as securities safekeeping agent for its members.
Additionally, the HLB will utilize Citi’s proprietary platform to deliver white-labeled settlement and safekeeping services to its member banks. Citi will also provide portfolio accounting for HLB’s proprietary investment assets.
“We are pleased to enhance services to our member banks by partnering with Citi to provide an efficient, cost-effective way to handle securities settlement and safekeeping,” says Paul Heroux, senior vice president and head of Member Services, Federal Home Loan Bank of New York. “Citi’s scale and robust technology platform will allow us to deliver advanced custody services while helping us to create efficiencies and reduce operational risk.”
“We are delighted to have been selected by the Federal Home Loan Bank of New York to expand our long-standing relationship,” said Chandresh Iyer, head of investment administration and global custody services, Securities and Fund Services, Citi Global Transaction Services. “Citi’s complete range of enhanced custody services will assist FHLB New York in transforming the way it provides safekeeping services to its member banks.”
(CG)