BSE inducts Citibank as clearing bank

Mumbai, May 16 (UNI) Citibank today joined the Bombay Stock Exchange (BSE) as a clearing bank.

'' This is part of BSE new initiatives to provide more options to its members,'' the Indian bourse said, adding admission of Citibank as a clearing bank is aimed at providing members of the exchange excellent services.

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, a BSE release said.

Managing Director&CEO of BSE Rajnikant Patel 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.'' CitiGroup Indian sub-continent Chief Financial Officer Abhijit Sen 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.'' UNI SA SKB1932