Citigroup Lands Big FHLB Contract
Citigroup Global Transaction Services has been appointed custodian for $300 billion in assets serviced by seven of the 12 Federal Home Loan Banks, collectively representing what the company says is "one of the largest such appointments in the history of the transaction services industry."
Citigroup said it has been appointed as custodian for the Federal Home Loan Banks of Chicago, Des Moines, Indianapolis, New York, Pittsburgh, San Francisco and Topeka, Kan. Prior to this appointment, Citigroup already served as custodian for an additional $130 billion of assets serviced by the FHLBs of Atlanta and Boston.
Sandy Jaffee, head of financial institutions for Citigroup Global Transaction Services, said the company is pleased by the appointment.
"Taken together, these appointments reflect a strong vote of confidence in our ability to integrate our service offerings with our operations and technology platforms on the client's behalf," he said.
Citigroup Global Transaction Services is a leading provider of integrated cash management, trade finance and securities services for corporations, financial institutions, intermediaries and governments. The firm provides administration and safekeeping for securities and cash, as well as other services based on client needs.
With over $85 billion in average liability balances, more than $5.5 trillion in assets under custody and the largest proprietary branch network, Citigroup said its operating systems and Internet-based delivery channels enable clients to manage and monitor working capital and investments more efficiently, streamline transaction processing cycles and re-engineer receivables and payment processes, the company said.
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