Citi Appointed Direct Custody Service Provider for OCBC Securities Across 14 Markets
Hong Kong/Singapore – Citi today announced that it has been mandated by OCBC Securities Pte Ltd (OCBC Securities) to provide clients of OCBC Securities custody services across 14 equity markets, including Australia, Canada, China B (Shanghai and Shenzhen), Europe, Hong Kong, India, Indonesia, Japan, Korea, Malaysia, Philippines, Taiwan, Thailand and United Kingdom.
OCBC Securities can now leverage on Citi’s proprietary network to enhance the back end support for its trading and investment activities in the 14 markets.
Currently, clients of OCBC Securities who trade in Hong Kong, Indonesia, Malaysia and Thailand already have access to the direct custody services provided by Citi. Migration of accounts and provision of custody services are in the process of being rolled out for the rest of the 14 markets.
In addition, Citi will also provide direct clearing services for the Hong Kong market where OCBC Securities is a direct clearing member of the Hong Kong Stock Exchange.
Citi’s Managing Director and Regional Head of Direct Custody and Clearing for Asia Pacific, Mr. Mike Sleightholme, commented, "We are very pleased to win this global mandate from OCBC Securities. Citi has the largest and most extensive direct custody and clearing network globally and in Asia Pacific, and our in-depth local market knowledge and expertise has allowed us to develop this innovative, tailored solution for OCBC Securities.
“Our regional service centers and advanced processing technologies allow us to deliver excellence in quality and execution, as well as tailored services to our clients. This is why financial institutions like OCBC Securities and corporations around the world continually turn to Citi.”
Mr. Han Kwee Juan, Managing Director and Head of Citi Singapore’s Global Transaction Services, added, “OCBC Securities is one of the leading stockbroking firms in Singapore and we at Citi are pleased to add an additional broker dealer name to our existing list of clients. Citi’s Direct Custody and Clearing services create a compelling proposition for OCBC Securities to extend their market reach and achieve greater process efficiencies. We look forward to extending our long and fulfilling partnership with OCBC Securities.”
OCBC Securities is the first local securities firm in Singapore to offer its clients direct custody services in such an extensive network of markets through a global market leader such as Citi.
Mr. Hui Yew Ping, Managing Director of OCBC Securities, said, "Our appointment of Citi to provide direct custody services for 14 markets marks an important milestone in OCBC Securities’ aim to better meet the evolving needs of our clients who are increasingly trading in the global markets.
“With Citi’s experience in the custody business and established track record, our clients can now enjoy greater peace of mind when they trade in the 14 foreign markets through OCBC Securities. Not only will they experience a consistent service level of global standards across the 14 key markets, they can also expect timely notification of corporate actions and updates of regulatory changes as well as fast turnaround on dividend payments.”
Citi, the leading global financial services company, has some 200 million customer accounts and does business in more than 100 countries, providing consumers, corporations, governments and institutions with a broad range of financial products and services, including consumer banking and credit, corporate and investment banking, securities brokerage, and wealth management. Citi’s major brand names include Citibank, CitiFinancial, Primerica, Smith Barney, Banamex, and Nikko. Additional information may be found at www.citigroup.com or www.citi.com.
OCBC Securities Pte Ltd.
OCBC Securities Private Limited (“OCBC Securities”) is a wholly-owned subsidiary of OCBC Bank and member of the Singapore Exchange Securities Trading Limited (SGX-ST) and the Singapore Exchange Derivatives Trading Limited (SGX-DT). Having been in the business for more than 20 years, it is one of the leading stock and futures broking firms in Singapore providing full brokerage services for equities and derivatives trading. It employs state-of-the-art technology to deliver speedy multi-market electronic execution of trades for its customers. The user-friendly and highly interactive internet trading platform – OCBC also makes OCBC Securities the preferred choice amongst investors who prefers to trade online.
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