National Bank of Kazakhstan Appoints Citi as Global Custodian and Securities Lending Agent Bank
The National Bank of Kazakhstan (NBK) has appointed Citi to act as a custodian for a portion of assets amounting to approximately US$5bn of The National Fund of the Republic of Kazakhstan. Citi will also act as its securities lending agent bank, providing securities lending for Global Tactical Assets Allocation (GTAA), which is comprised of 75% fixed income and 25% equity securities, as well as additional equities portfolios. The National Fund of the Republic of Kazakhstan was established in order to ensure stable social and economic development of the country, accumulate financial resources for future generations and reduce the economy’s susceptibility in relation to unfavourable external factors. Kazakhstan is considered a model transition economy and of all the post-communist economies is ranked first in foreign direct investment as a percentage of GDP and second only to Hungary in per capita FDI.