SWIFT Announces New Executive For Securities Industry Division - James P. Donovan, Former Citigroup Securities Executive To Succeed Francis Remacle

SWIFT announced today that former Citigroup securities executive, James P. Donovan, will join the company as Head of its Securities Industry Division and Member of the Executive Committee. Mr. Donovan will succeed Francis Remacle who is retiring later this year.

Mr. Donovan joins SWIFT on 1 August 2005. Following a two-month transition period he will assume Executive responsibilities effective 1 October 2005. He will be based in SWIFT’s New York office. With over 20 years in the securities services industry, Mr. Donovan’s responsibilities have included operations, strategy, product development and market management. He has extensive client, regulatory and market experience in Europe, Asia and the Americas.

In his new position at SWIFT, Mr. Donovan will focus on working with financial institutions to further leverage the value SWIFT brings to the securities industry. SWIFT’s Securities Industry Division now accounts for more than one-third of SWIFT’s annual message traffic and continues to be its fastest growing sector. Linking the front and back offices and developing messaging for Clearing and Settlement, Asset servicing and Funds are the main strategic focus. SWIFT will continue to increase its leadership role in securities standards by working towards convergence and interoperability with the international standards setters and industry groups to enhance STP. Mr. Donovan will also be a key contributor to SWIFT’s 2010 securities market strategy and will help define new opportunities to extend SWIFTSolutions such as SWIFTNet Funds and SWIFTNet FIX across the securities industry.

Commenting on the appointment, SWIFT Chief Executive Officer Leonard H. Schrank said, “Francis has done a wonderful job building our Securities business to where it is today. We’ll miss him and wish him the best in his retirement. We are all very pleased that for Francis’s successor, we have found someone of Jim Donovan’s calibre with his experience and leadership capabilities. Under Jim, we expect to accelerate our securities business and the delivery of customer benefits to this important market.”

“Securities is a dynamic industry that is contributing significantly to SWIFT’s growth and our goal of automation. We look to Jim to build upon the fine job that Francis has done and to work with our community to move securities standards and SWIFT's other industry contributions to an even higher plane,” added Ray Parodi, Member of the SWIFT Board of Directors and Chairman of SWIFT’s Securities Committee.

Mr. Donovan joined Citibank in 1988. During his tenure, he held responsibility for marketing and sales, strategic planning and business development for the Worldwide Securities Services Division. He was also COO of Global Clearing Services and Managing Director of the American Depositary Receipt business. In his most recent Citigroup assignment, Mr. Donovan was based in London and was Managing Director/Regional Business Executive-EMEA and Japan for its Global Securities Services Division. Prior to joining Citigroup, Mr. Donovan worked for Chemical Bank and Bankers Trust Company. He holds a Bachelor of Science in Marketing/Management from Fordham University. Mr. Donovan is a U.S. citizen.