Citibank, broker on the Stock Exchange

The Romanian branch of the American bank Citibank has been recently authorised to trade on the capital market, with the American bank being the first major player on the international capital markets to become a broker on the Romanian Stock Exchange. Bank officials say they have taken this decision due to the increasing interest of the bank”s clients in the Romanian capital market. “There is currently a major interest on the part of clients for the local market, and Citibank offers depository services both for its non-resident clients and for local companies,” stated Cristela Moldoveanu, head of the Global Transaction Services Department of Citibank Romania. She added that the bank also intends to launch depository services, which target investment funds. The bank was authorised by the National Securities Commission (CNVM) to broker transactions on the Stock Exchange, but in order to do that, the bank will have to buy a trading licence from the Stock Exchange. The value of a licence stands at 50,000 euros. ZF