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Citigroup Slovakia introduces direct custody and clearing services

30 November 2005  |  2589 views  |  0 Source: Citigroup Corporate and Investment Banking

Citigroup's Global Transaction Services (GTS) unit, which forms part of Citigroup's Corporate and Investment Bank, today announced that its office in Bratislava, Slovakia is to provide corporate clients with Direct Custody and Clearing (DCC) services for the first time.

Fully staffed by locals, Citigroup is responding to the significant number of new opportunities in the Slovak marketplace and, in fact, throughout the Central & Eastern European region.

Citigroup's Slovak office will provide its clients with the same high-level DCC service already being provided in the neighbouring Czech Republic, a service that has consistently been top-rated in Global Custodian's Agent Bank & Global Investor's annual surveys.

Andrew Gelb, Global Head of Direct Custody and Clearing for Citigroup's GTS business, said: "Slovakia, as one of the new EU accession countries, is a growing market with new developments and reforms ahead. This new addition to our securities network further enhances our reach and coverage within Central and Eastern Europe and builds on our presence as a cash and trade provider in Slovakia. Clients will also be able to leverage the consistent high levels of service we provide on a global scale, and access our local market expertise through our fully staffed local office in Bratislava.

"Slovakia is the first in a series of four branches across Europe and Asia scheduled to offer DCC services by the first quarter of 2006 and highlights our long-term growth plans to meet the needs of our clients in the Direct Custody and Clearing business," he added.

Igor Tham, Citigroup's Country Officer for Slovakia, concluded: "This achievement reflects our continued commitment to serve our corporate customers with an expanded product offering in the year when Citigroup celebrates its 10th anniversary in Slovakia".

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