Citigroup Appointed Custodian For $300 Billion In Assets Serviced by Federal Home Loan Banks
One of the largest custody appointments ever reflects Citigroup's strategic focus on growing its U.S. transaction services business
29 July 2003, New York - Citigroup Global Transaction Services announced today it has been appointed custodian for $300 billion in assets serviced by 7 out of 12 banks of the Federal Home Loan Bank (FHLBank) System, collectively representing one of the largest such appointments in the history of the transaction services industry.
Citigroup said it has been appointed custodian for the FHLBanks of Chicago, Des Moines, Indianapolis, New York, Pittsburgh, San Francisco and Topeka. Prior to the appointment, Citigroup already served as custodian for an additional $130 billion of assets serviced by the FHLBanks of Atlanta and Boston.
"We have been impressed by Citigroup's commitment to the custody business and the consistent, high quality service levels they currently provide to the FHLBanks of Atlanta and Boston. We look forward to working with them as they customize their offerings to meet our unique needs," said Alfred DelliBovi, President & CEO, Federal Home Loan Bank of New York.
"We are extremely pleased to be chosen as the custody provider for these banks within the Federal Home Loan Bank System," said Sandy Jaffee, Head of Financial Institutions for Citigroup Global Transaction Services. "Taken together, these appointments reflect a strong vote of confidence in our ability to integrate our service offerings with our operations and technology platforms on the client's behalf."
Jaffee added that the appointment highlights Citigroup's strategic focus on growing its business in the United States by meeting the evolving securities services needs of US-based institutional investors.
The FHLBank system was created by Congress in 1932 to ensure the availability of funds for mortgages. More than 7,900 financial institutions around the country are members of the Federal Home Loan Bank System.
About Citigroup
Citigroup (NYSE: C), the preeminent global financial services company
with some 200 million customer accounts in more than 100 countries,
provides consumers, corporations, governments and institutions with
a broad range of financial products and services, including consumer
banking and credit, corporate and investment banking, insurance,
securities brokerage, and asset management. Major brand names under
Citigroup's trademark red umbrella include Citibank, CitiFinancial,
Primerica, Salomon Smith Barney, Banamex, and Travelers Life and
Annuity. Additional information may be found at: www.citigroup.com.
About Citigroup Global Transaction Services
Citigroup® Global Transaction Services is a leading provider
of integrated cash management, trade finance and securities services
for corporations, financial institutions, intermediaries and governments
around the world. With over $ 85 billion in average liability balances,
more than $5.5 trillion in assets under custody and the largest
proprietary branch network, Citigroup's award-winning operating
systems and Internet-based delivery channels enable clients to manage
and monitor working capital and investments more efficiently, streamline
transaction processing cycles, and re-engineer receivables and payment
processes. Citigroup® Global Transaction Services provides clients
with access to Citigroup's full range of capabilities and solutions
along with an on-the-ground presence and in-depth knowledge of more
than 90 local markets. For additional information, see www.transactionservices.citigroup.com.
Citigroup Global Transaction Services is part of Citigroup's global
corporate and investment bank, which provides complete financial
solutions to corporations, governments and institutional investors
in more than 100 countries. Award-winning businesses include corporate
and investment banking, sales and trading, transaction services,
commercial finance and insurance products. Additional information
can be found at: www.citigroupssb.com
