BSE inducts Citibank as clearing bank

Citibank has today become the latest foreign bank to join the Bombay Stock Exchange Ltd (BSE) as a clearing Bank.

This is part of BSE new initiatives to provide more options to its members. The Exchange is committed to offer its members excellent services and admission of Citibank as a Clearing Bank is a step in that direction. During the last two years BSE has sold over 200 new Memberships and the Exchange has expanded its terminal network to around 425 cities across the country.

During the signing of agreement between BSE and Citibank, Mr. Rajnikant Patel, Managing Director & CEO of BSE said, "It is a matter of great pleasure for BSE to have Citibank as one of its clearing banks. BSE has undertaken many new schemes to provide efficient facilities and professional services to the members. We will also leverage the Citibank's reach and expertise in the financial market to provide new products and services for the benefit of brokers, market intermediaries, corporates and others."

Mr. Abhijit Sen, Chief Financial Officer - Citigroup India Sub Continent said, “ Citigroup is proud to be associated with the oldest stock exchange in Asia . The Indian capital markets offer world-class trading, settlement and risk management systems. We are keen to work closely with BSE and the other exchanges to leverage our product and technological capabilities to benefit the investor community. “

About Bombay Stock Exchange

Bombay Stock Exchange Limited is the oldest stock exchange in Asia with a rich heritage. Popularly known as "BSE", it was established as "The Native Share & Stock Brokers Association" in 1875. It is the first stock exchange in the country to obtain permanent recognition in 1956 from the Government of India under the Securities Contracts (Regulation) Act, 1956. The Exchange's pivotal and pre-eminent role in the development of the Indian capital market is widely recognized and its index, SENSEX, is tracked worldwide. Earlier an Association of Persons (AOP), the Exchange is now a de-mutualised and corporatised entity incorporated under the provisions of the Companies Act, 1956, pursuant to the BSE(Corporatisation and Demutualisation) Scheme, 2005 notified by the Securities and Exchange Board of India (SEBI). For more information, visit http://www.bseindia.com

About Citigroup :

Citigroup (NYSE: C), the leading global financial services company, has some 200 million customer accounts and does business in more than 100 countries, providing consumers, corporations, governments and institutions with a broad range of financial products and services, including consumer banking and credit, corporate and investment banking, insurance, securities brokerage, and asset management. Major brand names under Citigroup's trademark red umbrella include Citibank, CitiFinancial, Primerica, Smith Barney, and Banamex. Additional information may be found at http://www.citigroup.com/.