US-based Citi has launched its agented syndicated loans on Versana ’s transformative digital data platform, making them available for the latter’s subscribers. Following this announcement, Citi will be connected to the Versana transformative digital data platform, which is set to enable syndicate loans agented by the company to be available to the latter’s subscriber base in real-time, in a secure and effective manner.

Citi will be included in Versana’s list of founding investors, such as Bank of America, Credit Suisse, as well as J. P. Morgan.

Multiple other additional facilities are set to be available on the platform of Versana in the following months, as the firm aims to continue its process of scaling and onboarding three more agent banks. In addition, the institution will focus on digitally centralising administrative agents’ data on one secure platform across the corporate loan asset class. Citi’s recent strategy of developments US-based preeminent banking partner for financial institutions and enterprises, Citi announced several partnerships and collaborations in the last couple of months, as well as launches and agreements, covering multiple geographic areas around the world.

In October 2023, Citi announced that it successfully settled the trade of the China Asset Management on the Hong Kong Exchange and Clearing (HKEX) Synapse platform. According to the press release published at the time, the process represented one of the first trades executed and settled on the recently launched platform. Synapse was developed as the HKEX’s integrated settlement acceleration platform, aimed to complement the already existing Northbound Stock Connect post-trade infrastructure, launched back in the 2014.

Stock Connect was a landmark mutual market access program that was designed to connect the equity markets from the Mainland China and Hong Kong, as well as support Hong Kong and international investors in accessing the overall China A Share market. Earlier in the same month, Citi agreed to see the onshore consumer wealth portfolio in China to the HSBC Bank China, as part of the broader strategy refresh of the company. Throughout this agreement, the customers, assets under management (AUM), as well as deposits that were part of the onshore consumer wealth portfolio were set to be sold to HSBC Bank in China.

At the same time, the bank was set to extend multiple offers and capabilities to in-scope employees who were supporting the Citi local consumer wealth businesses in the region. The transaction covered the total investment AUMs and deposits, which were at approximately USD 3,6 million. According to the press release published at the time, the deal was set to close in the first half of 2024, while the terms and conditions of the agreement were not disclosed by either of the enterprises.

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