The US bank becomes one of the first international tenants at the BIFC, a landmark building that anchors Busan’s rapidly developing financial district.
Citi will be able to begin offering local custody services to China’s $19 trillion asset management market, which has been a long-term target for global custodians.
Custodians will have to deliver outsourcing service models that can support and accelerate growth for some of Asia's largest asset owners and managers, according to State Street's head of APAC Mostapha Tahiri.
The registration enables it to provide commercial services to clients as a crypto-asset business, a key milestone as it prepares to launch.
Commerzbank’s decision to pull outsourcing agreement with HSBC shows conflict around post-trade operations
Regulations such as DORA and CSDR are combining in a way that is forcing many to make some tough choices about who carries out these post-trade functions.
UPP will leverage CIBC Mellon’s custody, institutional accounting, performance and analytics, risk, compliance and pension benefit payment services.
Mandate represents over $60 billion is assets as UK pension funds leverage a united scheme to make cost savings on their global custody agreement.
The move comes as custodians review their legacy technology platforms in order to cater for the many nuances and complexities inherent in private markets.
Formation of SIX SIS USA confirms Group’s international growth strategy following Spanish expansion through acquisition last year.