U.S. Bank appoints Citi and HSBC as sub-custodians for Asia-Pacific markets

Hong Kong, India, South Korea and Taiwan are initial markets included in this move

U.S. Bank announced today that it has appointed Citi and HSBC as sub-custodians for its Asia-Pacific provider network that serves institutional and fund custody clients who invest in global markets.

"We’re committed to providing our growing global client base with enhanced local market access, expertise and service. Our clients have more complex needs and it’s in their best interest that we offer leading capabilities by region, which means continuing to develop a comprehensive independent global sub-custodian network,” said Jay Martin, president, U.S. Bank Global Fund Services. “Since we introduced our first independent sub-custodian appointment in 2017, client demand for this capability has grown exponentially.”

The initial markets included in this move are Hong Kong, India, South Korea and Taiwan. U.S. Bank is using Citi for India; HSBC will be sub-custodian for Hong Kong, South Korea and Taiwan. Additional Asia-Pacific markets will be added in the future.

In addition to the client experience benefit – getting clients closer to the market allows for more competitive processing deadlines and inquiry turnaround times – the U.S. Bank Foreign Exchange desk is now able to offer FX capabilities in these markets as well.

U.S. Bank services more than $11 trillion in assets under custody and administration in the Americas, Europe, Middle East, Africa and Asia-Pacific regions. Over the past seven years, U.S. Bank has grown its regional network strategy through the appointment of direct sub-custodians across the globe.

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Contact:

Kimberly Mikrot, U.S. Bank Public Affairs and Communications

kimberly.mikrot@usbank.com | 612.206.2553

About U.S. Bank

U.S. Bancorp, with more than 70,000 employees and $686 billion in assets as of September 30, 2024, is the parent company of U.S. Bank National Association. Headquartered in Minneapolis, the company serves millions of customers locally, nationally and globally through a diversified mix of businesses including consumer banking, business banking, commercial banking, institutional banking, payments and wealth management. U.S. Bancorp has been recognized for its approach to digital innovation, community partnerships and customer service, including being named one of the 2024 World’s Most Ethical Companies and Fortune’s most admired superregional bank. Learn more at usbank.com/about.