Citi has been selected as sole US custodian by Cavali, the central securities depository (CSD) of the Lima Stock Exchange (BVL).
The agreement will see Citi provide custody and tax services for $6 billion in dual-listed securities on Cavali’s platform, which gives investors access to international securities.
The new mandate adds to the existing relationship between Citi, Cavali and BVL.
Ricardo Hesse, head of equities and securities services, Latin America, Citi, said: “We are proud to have been selected by Cavali to provide custody and tax services for dual-listed securities.”
“It is a testament to Citi’s commitment to the development of Latin American capital markets and of our unique position as a global bank with local presence and regional expertise.”
Claudio Arciniega, CEO of Cavali, explained: “We chose Citi as our partner at this pivotal moment for the enhancement of the dual listing programme because of their extensive experience working with other central securities depositories in Latin America and our solid relationship with them in Peru.”
Sanjiv Sawhney, global head of custody and fund services at Citi, added: “We believe our focus on developing tailored solutions for our clients was an important factor in being awarded this mandate.”
“As our clients increasingly require operational excellence and efficiency, we will continue to invest in our platform to deliver innovative solutions.”
Citi performs a similar custodian role to Indeval, the CSD for Mexico’s stock exchange in an agreement made in early 2019.
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