Citibank has been appointed custodian for Prudential Assurance Malaysia this week, providing settlement and clearing services for the insurer's life and investment-linked funds in Malaysia. At Prudential's request, the amount of assets under custody has not been disclosed.
Anthony Galliano, Citibank's Worldwide Securities Services head in Asia, sees the new mandate as an extension of the relationship between the two institutions. Apart from being a part of Citibank's investor base, Prudential also has been using the bank's electronic banking and cash payment products, such as 'paylink' and 'lockbox', for fund transfer since 1993. Prudential did not use a custodian bank in Malaysia before Citibank.
This appointment is exactly what we wanted. Prudential...
