U.S. Bank appoints MUFG and Citi as sub-custodians
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U.S. Bank appoints MUFG and Citi as sub-custodians 03 December 2025US Reporter: Zarah Choudhary
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U.S. Bank has announced that it has appointed MUFG and Citi as sub-custodians for five additional markets in its Asia Pacific custody network.
This network serves U.S. Bank’s global investment services and institutional clients, including asset managers, pension funds, insurance companies, endowments, and foundations.
Stephen Philipson, vice chair, U.S. Bank Wealth, Corporate, Commercial and Institutional Banking, says: “We’re dedicated to providing our growing international client base with deeper market access, specialised local expertise and exceptional client service.
“This expansion reflects our ongoing commitment to strengthening our global custody network, improving service delivery and supporting our clients' investment activity across global markets.”
The markets included in this move are Japan, Indonesia, Malaysia, Thailand, and Vietnam.
U.S. Bank is using MUFG as sub-custodian for Japan and Citi will be the sub-custodian for Indonesia, Malaysia, Thailand and Vietnam.
Philipson adds: “Partnering with the leading custody providers across these markets allows for later processing deadlines, faster inquiry turnaround times and valuable local market insights.
“The combination of these benefits, as well as U.S. Bank’s FX capabilities in these markets, delivers a valuable set of solutions to our institutional clients who seek integrated products, operational efficiency and reliable support across their global investment activities.”
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