CITI WINS GPF PAYMENTS MANDATE
BANGKOK - 10 May, 2010 – Citi Thailand has been appointed by Thailand’s Government Pension Fund (GPF) as its primary payments bank. In winning this mandate, Citi will support all payments between the GPF, its members and other departments of the Government of Thailand through a standardized, automated and centralized process.
For GPF, Citi will provide an array of payment solutions including Paylink®, ACH, Money Orders and RTGS payments. Additionally, Citi will implement customized reporting structures across various payment channels and provide innovative beneficiary advise to GPF.
According to GPF, Citi was mandated due to its ability to structure comprehensive solutions and support within a limited implementation period. Factors for securing this highly competitive piece of business also included Citi’s experience in supporting high payment volumes and implementing new initiatives to improve payment efficiencies and services for GPF.
GPF is the largest pension fund provider and institutional investor in Thailand. It provides coverage for over 1 million members and currently holds assets under management of over $10.3 billion.
Sopawadee Lertmanaschai, Secretary General of the GPF, said: "We selected Citi to be our main payment provider as they demonstrated an excellent understanding of GPF’s requirements and provided a tailor made solution supported by their leading technology platform. We are confident that Citi will deliver the complex services that GPF requires".
Sanjeev Jain, Director, Regional Head of Public Sector, Asia Pacific, Global Transaction Services, Citi: "We are extremely excited at winning this key public sector mandate and commit ourselves to delivering a customized solution to meet GPF’s complex requirements. Through continued investment into our technology platforms and products, Citi continues to set the bar in securing leading public sector mandates in Asia Pacific."
Global Transaction Services, a division of Citigroup’s Institutional Clients Group, offers integrated cash management, trade, and securities and fund services to multinational corporations, financial institutions and public sector organizations around the world. With a network that spans more than 100 countries, Citigroup’s Global Transaction Services supports over 65,000 clients. As of the first quarter of 2010, it held on average $319 billion in liability balances and $11.8 trillion in assets under custody.
Citi, the leading global financial services company, has approximately 200 million customer accounts and does business in more than 140 countries. Through its two operating units, Citicorp and Citi Holdings, Citi provides consumers, corporations, governments and institutions with a broad range of financial products and services, including consumer banking and credit, corporate and investment banking, securities brokerage, transaction services, and wealth management. Additional information may be found at www.citigroup.com or www.citi.com.