Taka Paisa

Citibank, N.A., Bangladesh will formally launch its Direct Custody and Clearing (DCC) services in Bangladesh on Dec. 15.

This will enable Citibank to better support its global clients and channel more foreign portfolio investments into the emerging Bangladesh capital market, said a press release.

Faruq Ahmad Siddiqi, chairman of the Securities and Exchange Commission, will be the chief guest at the launch, to be attended by Citi’s clients and stakeholders including the regional senior executives of Citigroup in Asia Pacific.

Citigroup, which already launched its investment banking wing in Bangladesh to support the country’s growing capital market, has now put its global strength on the arena of capital market transaction services in this country.

Citi is now the only global bank in the country which is present at both these ends of Bangladesh capital market, the press statement said.

Citi’s Direct Custody and Clearing (DCC) business will enable the global investors to enjoy the bank’s seamless transaction services across the world.

Crude oil may dip below $25 a barrel next year if the recession that is slashing fuel demand around the world spreads to China, according to a Bloomberg report.

Global oil demand will contract in 2009 as economic growth slows to its weakest since 1982, Bloomberg quoted Merrill Lynch Commodity Strategist Francisco Blanch as saying.

“A temporary drop below $25 a barrel is possible if the global recession extends to China and significant non-Opec cuts are required,” Blanch said.