U.S. Bank announced the appointment of Citi and HSBC as sub-custodians for its Asia-Pacific provider network, serving institutional and fund custody clients. This strategic move aims to provide enhanced local market access, expertise, and service for clients investing in global markets.
Citi will serve as the sub-custodian for India, while HSBC will cover Hong Kong, South Korea, and Taiwan, with plans to add more Asia-Pacific markets in the future. This expansion is part of U.S. Bank's strategy to develop a comprehensive independent global sub-custodian network.
The initiative also enables the U.S. Bank Foreign Exchange desk to offer FX capabilities in these new markets, further broadening its service offerings. U.S. Bank currently services over $11 trillion in assets under custody and administration across various global regions.
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