Citi launches RMB trust services in Hong Kong

Citi’s Agency and Trust announces enhancements to its renminbi product portfolio.

Citi’s Agency and Trust, which is part of the bank’s global transaction services division, has launched a comprehensive suite of renminbi agency and fiduciary services for its corporate and institutional clients in Hong Kong. These enhancements will allow Citi’s renminbi bond, loan and structured finance customers to access the renminbi market in Hong Kong and internationally.

According to the bank, the new products will support an extended range of renminbi-related activities, including trustee and paying agency services for renminbi-denominated bond issues in Hong Kong amid China’s move to allow foreign lenders greater access to its interbank bond market. There will also be support for mergers and acquisitions, real estate transactions, trade and project finance, as well as some other client-related transactions.

In addition, they will cover security agency services for renminbi-denominated collateral and facilitate agent and related services for renminbi-denominated loans. Enhancements have also been made to structured finance transaction administration and other related services for renminbi-denominated securitisations.

“Hong Kong is quickly becoming the hub for offshore renminbi services, requiring transaction services providers like Citi to develop comprehensive solutions to support growing client needs,” Ben Lumleysmith, Asia-Pacific director and regional head of Agency and Trust at Citi, said in a statement. “With the introduction of these innovative renminbi products, Citi has drawn on its vast network and expertise to create solutions that enable our clients access to this growing opportunity and further cements our position as a market-leading corporate trust service provider.”

The bank also said it can now support renminbi-denominated global bonds to be settled via the Euroclear and Clearstream clearing systems.

Citi’s global transaction services supports more than 65,000 customers. In the third quarter this year, the bank held $340 billion in liability balances and had $12.4 trillion in assets under custody.

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