Citibank tops 70% of Egypt custodian service market share
Citibank has grabbed between 60 percent and 70 percent of Egypt’s custodian service market share, said country officer Mohamed Abdel Kader on Sunday.
A custodian bank, or simply custodian, is a specialized financial institution responsible for safeguarding a firm’s or individual’s financial assets and is not engaged in traditional commercial or consumer/retail banking such as mortgage or personal lending, branch banking, personal accounts, Automated Teller Machines (ATMs) and so forth. The role of a custodian is to facilitate clients’ trading and investment activities as well as corporate actions such as cash dividends, stock dividends, stock splits, or the like.
Citi Egypt reported a 10 percent growth in profits in 2018, Abdel Kader said, expecting the number would surge by 13-15 percent this year.