Citigroup Plans to Provide Clearing Services in South Africa
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Citigroup Inc., which has $5.8 billion of assets in South Africa, said it will provide direct custody and clearing services for institutional investors in Africa’s largest economy.
“This business will be a profit center in and of itself,” Donna Oosthuyse, the lender’s country manager, said in a presentation to reporters in Johannesburg today. “This should bring in foreign-exchange business, electronic funds transfer and brokerage. In time there will be securities lending and cash management.”