Citibank Kazakhstan has been selected as a custodian of the Astana International Exchange (AIX) central securities depository (CSD), offering settlement and safekeeping services for foreign securities trading.
AIX was formed in 2017 to develop an active capital market in Kazakhstan and the region by providing clear and favourable conditions for attracting financing to private and public businesses.
“AIX is excited to partner with Citi to support the growth of our business,” said Tim Bennett, CEO of AIX. “The custodial relationship will support broadening our post-trade services and the introduction of new products.”
It’s been an active year for Citi which has announced a number of mandate wins and technology upgrades to its custody offering in 2019.
This month the bank also opened sub-custody and clearing services in Saudi Arabia, as it looks to capitalise on the country’s opening to foreign investment.
“We at Citi are pleased to contribute our global custody expertise to the AIFC success,” said Andrey Kurilin, president of Citibank Kazakhstan, referring to the Astana International Financial Center (AIFC) which was established on the initiative of Nursultan Nazarbayev, the First President of the Republic of Kazakhstan to assist in attracting investments into the country’s economy.
“Our robust digital platform will help investors raise efficiency and reduce operational risks.”
In a statement, AIX said that Citigroup has helped raise tens of billion of dollars in financing for the Kazakhstan economy.