Citi is now providing direct custody and clearing services in Kazakhstan. This is the seventh new market that Citi has opened in the past two years, taking its proprietary network to 51 markets.

Kazakhstan has seen GDP growth of 8-10 per cent over the past three years, primarily driven by strong oil reserves. Market capitalisation of companies listed on the Kazakhstan Stock Exchange has grown from $9.9bn to $81bn in four years. 

Citi has been on the ground in Kazakhstan since 1995.

Daniel Connelly, Citi country officer for Kazakhstan, said the bank was now a member of the Kazakhstan Stock Exchange and the local central securities depository.

He said Citi was ready to provide a "comprehensive global securities services combined with local expertise gained from our ongoing engagement with regulators and market infrastructures" in Kazakhstan.

Citi has been rapidly expanding its direct clearing and custody network, adding Sweden, Cyprus and Morocco to its market coverage in the past 18 months.

"The addition of Kazakhstan reflects Citi's ongoing commitment to expanding our proprietary direct custody and clearing network to meet the needs of our clients and service them where they are doing business," said Andrew Gelb, global head of direct custody and clearing for Citi's Global Transaction Services business.