Citigroup's Global Transaction Services business has begun to provide Direct Custody and Clearing (DCC) services to its clients in South Africa. This new offering expands Citi’s proprietary DCC network to 60 markets globally and 34 markets across EMEA.
Lee Waite, Global Head of Direct Custody and Clearing, Citi Global Transaction Services, said: "This new milestone demonstrates the strength of our unrivalled network and our commitment to provide our clients with global solutions while delivering consistently high-quality standard of service, technology and support."
Donna Oosthuyse, Citi Country Officer for South Africa said, "We are delighted to offer Direct Custody and Clearing services in South Africa, the leading economy and largest securities exchange in Africa. Citi has a long-standing presence in the country and we look forward to leveraging our local expertise and proactive engagement with customers, regulators as well as market infrastructures to generate new growth opportunities for our clients."
Citi’s application to operate as a Central Securities Depository (CSD) Participant was approved by the Controlling Body of Strate Ltd, South Africa’s authorised CSD and the Financial Services Board. Chief Executive of Strate, Monica Singer, said, "Citi has a long established relationship with Strate as one of the founding shareholders back in 1998. We are pleased to welcome them as a new CSD Participant in South Africa, providing custody and settlement services across all three of our markets, namely for equities, bonds and money market securities."
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