Citi Australia announced today that it has entered into a client transfer agreement with royal Bank of Canada (RBC) deposit operations. For more information, see www.citigroup.com Twitter: @Citi YouTube: www.youtube.com/citi Blog: blog.citigroup.com Facebook: www.facebook.com/citi LinkedIn: www.linkedin.com/company/citi. Media Contacts: Rachel Maher, 612 8225 1639, firstname.lastname@example.org Godwin Chellam, 852 2868 7682, email@example.com Citi Australia Head of Securities Services Martin Carpenter expects the majority of clients to switch to Citi and benefit from the bank`s leading platforms, proprietary deposit network and excellent customer service. We believe it is in the long-term interest of our customers and employees to aspire to a transfer of our company to an organization with a strong customer focus and market offering. As a result of this transaction, Citi expects to significantly increase its market share and consolidate its position as a leading manager in the Australian market. Andrew Allen, Managing Director of RBC, said: “We are proud of the company we founded in Australia; However, after careful consideration, we came to the conclusion that due to the complex and dynamic nature of the market in Australia, it has been difficult for us to extend the business to the size and size of thought necessary to provide reasonable value to our shareholders and customers. “Citi provides its customers with comprehensive local market know-how, advanced processing technologies and value-added services such as data management, internal unit registries and ETF service,” said Carpenter. This transaction will also enable Citi Securities Services to strengthen its footprint in Sydney while strengthening the Kuala Lumpur regional site, with a number of RBC employees expected in Kuala Lumpur, to which citi will join. This contributes to a strong presence in Melbourne.
“This transaction reflects Citi`s ongoing investments and commitment to investment services, both globally and locally,” said Julie Kerr, Citi`s Regional Investment Services Manager. Australia is a growing market for Citi`s business. This announcement follows the signing in November 2019 of a letter of intent from Citi and RBC with the intention of facilitating an orderly transfer of RBC customers to Citi over a period of 12 to 24 months. “In addition to working with new customers, we look forward to welcoming a large number of new citi employees, and the additional operational scale will be very useful for our new and existing customers.” Citi Citi, the world`s largest bank, has approximately 200 million accounts receivable and operates in more than 160 countries and countries. Citi provides consumers, businesses, governments and institutions with a wide range of financial products and services, including consumer and credit banking, investment and investment banking, securities brokerage, transaction services and asset management.