Citi Appointed Sole U.S. Custodian for Indeval´s Global Securities Program (SIC) Representing $39 Billion of Assets
January 16 2019 - 9:00AM
Business Wire
Citi has been appointed as custodian and tax services provider
for the U.S. assets of Indeval’s International Quotation System
(SIC). The SIC program was created by the Mexican Stock Exchange,
Bolsa Mexicana de Valores (BMV), and Indeval, the Mexican Central
Securities Depository (CSD), to provide investors access to
international securities and further develop the local capital
market. The consolidation of the U.S. assets under Citi as the
single provider successfully went live in December 2018. This new
mandate builds on the existing relationship between Citibanamex and
Indeval, and represents the majority of the assets listed on the
SIC.
With over $21.3 trillion of assets under custody and
administration, and the industry-leading proprietary network
spanning over 60 markets, Citi’s custody business provides clients
with in-depth local market expertise, advanced processing
technologies and a wide range of fund services that can be tailored
to meet clients’ needs.
In the Americas, in addition to its domestic custody in the
U.S., Citi is the leading custody provider with a dominant local
presence in Argentina, Brazil, Colombia, Mexico, Peru and Panama.
Citi has built deep expertise in each country where it is trusted
with the safekeeping and servicing its clients’ assets.
Citi has been recognized in 2018 through a series of accolades
awarded by multiple industry publications for its custody business
in the Americas, including:
Top-rated provider overall in the single
custodian category and the top-rated firm in the Americas, Global
Investor/ ISF Global Custody Survey
- Custodian of the Year, Latin America
Custody Risk
- Best Sub-Custodian Bank in Latin
America and North America as well as “Country Winner” in Argentina,
Colombia, Mexico (CitiBanamex), Peru and the United States, Global
Finance
“Indeval demands the highest levels of operational efficiency
and transparency. High performance is critical for our business, as
we serve a large number of investors every day. Citi’s local
presence, commitment and long-term experience in the United States
and Mexico will help us provide the highest standard of service
that our customers have become accustomed to,” said Roberto
Gonzalez Barrera CEO of Indeval.
"We are proud to have been selected by Indeval to provide
custody and tax services for U.S. securities” said Sanjiv Sawhney,
Citi’s Global Head of Custody and Fund Services. “It’s a testament
to the strong momentum of our custody and fund services platform
across geographies. As our clients’ requirement for excellence
continues to increase, we will continue to invest in our platform
to bring innovative solutions to the market.”
“This mandate is the outcome of our commitment to developing
tailored solutions, made possible by our ability to support
regulatory requirements in both Mexico and the U.S., combined with
the talent of our custody teams,” said Jay Martin, North America
Head of Citi’s Custody and Fund Services.
About Citi
Citi, the leading global bank, has approximately 200 million
customer accounts and does business in more than 160 countries and
jurisdictions. Citi provides 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, transaction services, and
wealth management.
About Indeval
Indeval is the Central Securities Depository (CSD) for the
Mexican market. It provides clearing and settlement for all Mexican
government and corporate issued bonds, all local equities listed at
local exchanges and foreign securities listed at the International
Quotation System or SIC, for its initials in Spanish. Indeval is
the 9th largest CSD in the world in terms of value, processing more
than 250 USD billion on a daily basis.
Indeval is part of Grupo Bolsa Mexicana de Valores, a fully
listed company with more than 120 years of experience, which
integrates a group of leading companies in Mexico, offering
services in the capital markets, derivatives and debt, as well as
post-trade services, information products and value added
services.
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version on businesswire.com: https://www.businesswire.com/news/home/20190116005205/en/
Media:Citi:Nina DasTel: 1-212-816-9267Email:
nina.das@citi.com
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