Citigroup will be offering direct custody and clearing services for institutional investors in South Africa, Bloomberg reports. The bank is eying foreign exchange business, electronic funds transfer and brokerage with a possible future expansion to securities lending and cash management.

Citigroup, the sixth-largest bank in South Africa with country assets worth $5.8 billion, will be offering services in equity, bond and money markets. South African banks do not offer these services.

Click here for the story from Bloomberg.