Citi today said it became the first international custodian bank to offer securities lending services in India.
The operation was launched on the National Stock Exchange (NSE), the bank said adding that its proprietary OpenLendSM platform is now available across 72 markets globally.
"We have been in involved with the development of the Indian securities market since we first opened our doors in 1902. This landscape has seen remarkable transformation and in response to new market conditions, we have built on our experience and expertise to deliver a comprehensive exchange securities lending solution to our clients for the Indian market," said Debopama Sen, head of securities and fund services for Citi Transaction Services in India.
In a global securities lending environment, dominated by over-the-counter trading, this service will allow both Citi's Indian and offshore clients access to the anonymous exchange-traded central counterparty model prevalent in India.
"The opportunity in the emerging markets, especially given the impressive gains over the past 12 months, has kept them a focal point of our securities lending business. We are leveraging Citi's market expertise and global reach to turn these opportunities into optimised returns for client assets," said David Martocci, global head of securities finance for Citi Transaction Services.
With a network that spans more than 95 countries, Citi's Transaction Services supports over 65,000 clients. As of the second quarter of 2012, it held on average $396 billion in liability balances and over $12 trillion in assets under custody.