Citi Wins Midea Electric Trading's Global Mandate
SINGAPORE - May 2010 – Citi's Global Transaction Services has been appointed Global cash management and trade bank by Midea Electric Trading (Singapore) Co. Pte. Ltd. Citi was appointed due to its ability to support Midea Electric Trading's international expansion plans, with the mandate covering 39 markets globally.
The global treasury mandate comprises of a variety of end-to-end cash management and trade solutions aimed at enhancing Midea Electric Trading's working capital management. To achieve working capital efficiencies for Midea Electric Trading, Citi will provide liquidity management solutions that will concentrate funds into a single account and trade financing services to fund underlying trade activities.
In securing this landmark mandate, Citi has continued to build on its existing track record of providing the most complex working capital solutions in Asia Pacific. The partnership with Midea Electric Trading is also a strong testimony of Citi's continued endeavor towards providing seamless solutions to Chinese companies, which are establishing subsidiaries in Singapore.
The mandate was officially signed and the account will be run out of Singapore.
Davis Weng, Head of ASEAN Treasury Center, Midea Electric Trading (Singapore), said: "Midea Electric Trading continues to grow globally and efficient working capital management is key to the continuation of our expansion plans. We are pleased to partner with Citi to support our expanding business."
Sanjeev Chatrath, Managing Director, Region Head, Client Sales Management, Asia Pacific, Global Transaction Services, Citi, said,"Working capital efficiency is central to the growth ambitions of forward-looking corporations and Midea Electric Trading is one of Asia Pacific's fastest growing corporations in this industry segment. We are proud to be able to provide the most comprehensive set of solutions to assist them in achieving their goals. The mandate further reinforces Citi's market leadership in delivering cash management and trade solutions."
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.
About Midea Electric Trading (Singapore)
Founded in 1968, Midea specializes in the manufacturing of a wide array of household appliances and has set foot in relevant fields of real estates and logistics. It is now one of the largest white household appliance production and export bases in China. Headquartered in Shunde, Guangdong, Midea has production bases in Vietnam and various parts of China, and overseas subsidiaries in more than 12 countries, including U.S.A and Germany.
Citi, the leading global financial services company, has some 200 million customer accounts and does business in more than 100 countries, providing 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, and wealth management. Citi's major brands include Citibank, CitiFinancial, Primerica, Smith Barney and Banamex. Additional information may be found at www.citigroup.com or www.citi.com.