U.S. Bank has appointed MUFG and Citi as sub-custodians for five additional markets in its Asia-Pacific custody network. The markets included in this move are Japan, Indonesia, Malaysia, Thailand and Vietnam. U.S. Bank is using MUFG as sub-custodian for Japan; Citi will be sub-custodian for Indonesia, Malaysia, Thailand and Vietnam. With the transition of these markets, U.S. Bank has broadened its proprietary sub-custodian network across 16 markets in the region. This largely completes the multi-year project to rebuild the global agent network, and attention is now turning to building out the cash network, which will see a major expansion of its FX capabilities in ASPAC.
