Citi has begun providing direct custody and clearing (DCC) services to clients in Bulgaria, expanding the bank’s proprietary DCC network to 62 markets globally and 35 markets across Europe, the Middle East and Africa (EMEA).
DCC plays an integral role in the capital markets by providing clearing and settlement services for the trading and investing activities of broker dealers as well as offering local market sub-custody services to banks and global custodians around the world.
Stefan Felstein, Citi country officer for Bulgaria, said: “Citi has a long-standing presence in Bulgaria and this new business compliments the existing wide range of products that Citi Bulgaria delivers to customers on a daily basis.
“With the launch of DCC we look forward to facilitating new growth opportunities and a gateway to Bulgaria for both our international and local clients.”
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