Citi’s Global Transaction Services (GTS) has entered into a renminbi (RMB) remittance distribution agreement with Bank of China. By partnering with Bank of China’s New York branch, Citi will expand its remittance capability to its clients by offering RMB cross-border funds transfers for the first time. The link with Bank of China will open up the global remittance space into China for Citi, which had previously been limited to US dollar denominated transactions.
Bank of China will benefit by providing Citi and its client base the ability to initiate RMB remittances to China. Bank of China will attract remittance flows to its China-based branches catering to client demands for enhanced remittance services.
In addition, Citi Securities and Fund Services, a division of Global Transaction Services, has been mandated by Redwood Investment Management to provide a suite of fund services to its Redwood China Fund, which was launched in 2009.
Under the deal, Citi is now acting as hedge fund administrator for the Redwood China Fund. As administrator, Citi provides the client with hedge fund valuation and administration services. Additionally, by partnering with Citi, Redwood Investment Management, is also receiving transfer agency and corporate secretarial services.
Finally, Citi has announced that its GTS business has been awarded a new mandate from Pohjola Bank Group. The Finnish financial services company, which provides banking, asset management and non-life insurance services, has appointed Citi to provide a range of global custody services.
In winning this appointment, Citi will provide global custody services to Pohjola Bank Group, globally. The mandate includes the safekeeping of assets and additional global custody services including outsourcing, performance measurement, compliance monitoring, investment administration and accounting. Furthermore, Pohjola Bank Group will have full access to Citi’s whole suite of Securities Services capabilities.
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