Citi clears Bangladesh

Citi will provide direct custody and clearing services in Bangladesh.
Citi Global Transaction Services has launched direct custody and clearing services in Bangladesh. As part of these services, the bank will perform equity and fixed-income securities settlements, safekeeping, pre-matching, registration, corporate actions, income collection, cash management, and foreign exchange.

Citi is already on the ground in Dhaka, where its operation is run by Mamun Rashid, and it acts as a full-service bank and correspondent banking service provider.

The Bangladesh equities market has been very vibrant for a number of years and subject to perennial booms and busts. Ten years ago, during a bull run, there was a ôkerb marketö thriving in Dhaka and, as the last of its kind in Asia, it was a memorable sight to behold. A kerb market is where share dealers, retail investors and speculators congregate on the street outside the stockmarket in their hundreds, and trade physical scrip, all making a huge racket and carrying bundles of share certificates and bags of banknotes. CitiÆs custody and settlement service will make things more efficient in Dhaka, but a lot less colourful.
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