Citi’s global transaction services business has launched its direct custody and clearing services to clients investing in Bahrain through the Bahrain Stock Exchange.
With the opening of the Bahrain direct custody and clearing branch, Citi’s network will now comprise 58 markets, of which 32 are in Europe, the Middle East and Africa.
Citi will now service the Bahrain Stock Exchange’s investors by offering custodial services in the market for BSE-listed securities. Services include account management, settlement of securities activity, handling post-trade issues, the collection and payment of dividends and interest, and the processing of corporate action activities in the market.
Fouad Rashid, director of Bahrain Stock Exchange, says: “Today we deliver on what we have jointly announced in May in order to encourage and facilitate further international investment in Bahrain. Citi’s involvement as a custodian complements BSE’s efforts to attract more foreign investment to the Kingdom and enhances the shareholders’ base at BSE.”
"The Kingdom of Bahrain continues to be a dynamic and exciting economy and one that we remain fully committed to," adds Mazin Manna, chief executive of Citi Bahrain. "The launch of our direct custody and clearing services in Bahrain is in line with our objective to invest in the development of the region’s top financial markets. This is also another important achievement in our strategy to embed Citi’s securities and fund services capabilities within the region.”