Citi becomes first custodian to operate domestic custody services in China
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Citi becomes first custodian to operate domestic custody services in China 30 July 2021China Reporter: Jenna Lomax
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Citi has launched domestic securities investment fund custody services in China after receiving final approval from the China Securities Regulatory Commission (CSRC) to operate fund custody services in the country.
Through this approval, Citi China has become the first major global custodian to be permitted to operate a domestic Chinese fund custody business.
Citi has had a presence in China since 1902 and has been providing cross-border securities services in China for more than two decades.
Christine Lam, CEO of Citi China, said: “We are delighted to assist more of our global clients to participate in the continuously opening Chinese capital markets. We will play to our strengths in cross-border services and bring the best of our global network and best practices to the Chinese market, providing standardised and global services for domestic and global clients.”
David Russell, Asia Pacific head of securities services and Hong Kong markets head at Citi, commented: “We look forward to servicing global asset managers as they establish an onshore China business and to work with domestic asset managers as they grow their businesses onshore and globally.”
Citi has also opened an office at the Busan International Finance Center (BIFC) to further support its expanding securities services operations in South Korea.
The centre was opened by the Busan Metropolitan City Government in 2014 in an effort to develop Busan as a leading global financial hub. Busan City selected Citi to be one of the first BIFC international tenants in December 2020.
From the BIFC, Citi will support Korea’s financial markets by providing global custody services to the Korea Securities Depository (KSD) which will include securities depository and settlement services. Citi opened its first South Korea branch in 1967.
Myung-Soon Yoo, South Korea country officer at Citi, said: “I’m pleased that we have opened a new office at BIFC and I hope that we can contribute to Busan City in achieving its vision to become a global financial hub. Citi is committed to providing sustainable and superior custody service to our clients including the KSD.”
Im-Sun Lee, Korea head of custody and fund services at Citi, commented: “We continue to invest in our securities services operations both regionally and globally, and this office opening allows us to provide greater levels of client service in terms of our custody and fund services offering to our institutional client base.”
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