NEW YORK -- Citibank won a four-year contract to continue as custodian of about $44 billion in assets of five New York City retirement systems.

Citibank, the custodian since 1979, retained its position through competitive bidding that resulted in an annual saving to the city of $2 million, city Comptroller Elizabeth Holtzman said.

The Citicorp subsidiary also offered a package of services, including an expanded collateral investment program, that is projected to save the city an additional $8 million a year, Ms. Holtzman said.

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