Citi has been appointed by The National Bank of Kazakhstan (NBK) to act as a custodian for a portion of assets amounting to approximately $5bn of The National Fund of the Republic of Kazakhstan.
Citi will also act as its securities lending agent bank, providing securities lending for Global Tactical Assets Allocation (GTAA), which comprises 75 percent fixed income and 25 percent equity securities as well as additional equities portfolios.
“With our fund growing at such a significant rate, we initiated a search for an additional custodian and Citi designed a customised custody and securities lending solution to meet our growing needs,” said Medet Sartbayev, deputy governor at The National Bank of Kazakhstan. “Citi’s global reach, extensive local capabilities and strong credit rating made them a natural partner for us.”