Citibank wins Prudential Assurance Malaysia's custody mandate

Citibank has won new custodial business in Malaysia, amid growth of more than 80% in the past 20 months.

Citibank has been appointed custodian for Prudential Assurance Malaysia this week, providing settlement and clearing services for the insurer's life and investment-linked funds in Malaysia. At Prudential's request, the amount of assets under custody has not been disclosed.

Anthony Galliano, Citibank's Worldwide Securities Services head in Asia, sees the new mandate as an extension of the relationship between the two institutions. Apart from being a part of Citibank's investor base, Prudential also has been using the bank's electronic banking and cash payment products, such as 'paylink' and 'lockbox', for fund transfer since 1993. Prudential did not use a custodian bank in Malaysia before Citibank.

This appointment is exactly what we wanted. Prudential...

FinanceAsia has updated its subscription model.

Registered readers now have the opportunity to read 5 articles from our award-winning website for free.

To obtain unlimited access to our award-winning exclusive news and analysis, we offer subscription packages, including single user, team (2-10 users), or office-wide licences.

To help you and your colleagues access our proprietary content, please contact us at subscriptions@financeasia.com, or +(852) 2122 5222

Article limit is reached.

Hello! You have used up all of your free articles on FinanceAsia.

To obtain unlimited access to our award-winning exclusive news and analysis, we offer subscription packages, including single user, team (2-10 users), or office-wide licences. To help you and your colleagues access our proprietary content, please contact us at subscriptions@financeasia.com, or +(852) 2122 5222