Citi to open Luxembourg securities lending desk 09 June 2011Luxembourg Reporter: Ben Wilkie
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Citigroup Global Markets has formed a new Luxembourg entity to provide securities lending services to clients both within Luxembourg and throughout Europe.
Citigroup Global Markets Luxembourg is a wholly-owned subsidiary of Citigroup Global Markets Limited, Citi's FSA regulated principal European broker-dealer. Citigroup Global Markets Luxembourg was granted a license by the CSSF under the law dated April 5, 1993, and is regulated as a professional carrying out securities lending ("professionnel effectuant du prêt de titres") in accordance with Article 28-5 of the 1993 Law.
Charles Denotte, Citi country officer for Luxembourg, said, "Luxembourg is a stable political and financial environment with a robust and respected regulatory regime and is currently the second-largest investment fund center globally. An ability to access these funds from Luxembourg will give Citi a strong competitive advantage amongst its peers and will help us to further grow our Luxembourg franchise."
Nick Roe, global head of prime finance, added, "The establishment of dedicated capital markets legal entity in Luxembourg is a key step for Citi as we continue to expand our business, and the depth of our product and service offerings. In addition, it reinforces the commitment Citi has to growing its franchise in Luxembourg and ensures that we are uniquely positioned to offer clients an integrated execution, prime brokerage, securities financing, fund administration and custody platform."
Citi has had a presence in Luxembourg since 1970, providing Global Transaction Services, Global Relationship Banking and Funds Industry Services and currently employs 240 people.
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