BUSINESS

[Advertorial] Citibank Korea boosts global bank’s presence in Asia

By Korea Herald
  • Published : Aug 22, 2018 - 18:00
  • Updated : Aug 22, 2018 - 18:03
Citibank has been picked as the “best in corporate trust” for three consecutive years by a Hong Kong financial magazine, with its boosted performances in South Korea and other major countries in the region having contributed to the win. 

(Citibank)
The annual awards given by The Asset is called the 2018 Triple A Asset Servicing, Institutional Investor and Insurance Awards, assessing and recognizing both sell-side service providers and buy-side institutions in Asia’s highly dynamic asset servicing industry.

Citibank Korea, the Korean unit of the international banking giant, said its position as a leader in domestic and cross-border asset-backed securities in the local market contributed to the global bank’s winning streak.

This comes as Citibank expanded its agency and trust business in Asian countries including China, Korea, India and the ASEAN region, according to the bank.

In agency and trust business, Citibank has played various roles, such as paying agent, note trustee, security trustee and escrow agent, across a range of different financial transactions involving bonds, loans, securitization, project finance, complex acquisitions and restructuring transactions.

Ban Byung-chul, head of trust division at Citibank Korea, said in a release its market dominance here has been “a decisive factor in winning the award.”

Citibank Korea secured five domestic ABS deals in 2017 along with 10 cross-border deals. As a result, Citibank Korea has taken over 70 percent of the Korean market share in cross-border structured finance mandates, according to the bank. Citibank Korea has topped the sector since 2008.


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