Citi appointed as custodian for Indeval

Citi has been appointed as custodian and tax services provider for the US assets of Indeval’s international quotation system (SIC).

The SIC programme was created by the Mexican Stock Exchange, Bolsa Mexicana de Valores (BMV), and Indeval, the Mexican Central Securities Depository (CSD).

It was created in order to provide investors access to international securities and further develop the local capital market.

The consolidation of the US assets under Citi as the single provider successfully went live in December last year.

According to Citi, this new mandate builds on the existing relationship between Citibanamex and Indeval and represents the majority of the assets listed on the SIC.

Roberto Gonzalez Barrera, CEO of Indeval, commented: “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 US and Mexico will help us provide the highest standard of service that our customers have become accustomed to.”

Sanjiv Sawhney, Citi’s global head of custody and fund services, said: “We are proud to have been selected by Indeval to provide custody and tax services for US securities.”

“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.”