Citi Extends Its Leading and Innovative Global Commercial Card Solution to Two New Countries
London - October 7, 2010 – Citigroup today announced that its Global Transaction Services business has extended its global platform launching its proprietary commercial card issuance services in Greece and Luxembourg. Citi’s global card offering has now rapidly expanded to over 50 local markets, with Turkey and South Africa added to the network in recent months.
The expanded offering allows Citi’s clients with a presence in Greece or Luxembourg to take advantage of its broad network and award winning global platform. Clients will benefit from comprehensive reporting that is consistent across markets as well as best in class client service.
Manish Kohli, Head of Wholesale Cards for Europe, the Middle East and Africa, Citi, said: "The addition of Greece and Luxembourg to Citi’s commercial card offering underscores our commitment to providing clients with truly consistent global market coverage coupled with local market expertise. We have expanded our market coverage by 10 countries over the last year and also expanded our solution set and service infrastructure in response to client demand. We look forward to further building on the network in the future, including the UAE before the end of this year."
Rajesh Mehta, Head of Treasury Trade Solutions for Europe, the Middle East and Africa, Citi, said "The process efficiencies and working capital benefits delivered by commercial card solutions are more relevant to our clients than ever before. We have addressed this growing global demand from our clients by investing strongly in this business. This has enabled us to develop an exciting expansion plan into a range of new territories and product capabilities over the coming few months."
Citi Commercial Cards, with unsurpassed acceptance and an extensive issuing footprint, has long been considered a pre-eminent commercial cards provider to large and multi-national organizations. Nearly 500 multinational corporations use its commercial cards programs at the core of their expense management strategy, making Citi a premier cards issuer in terms of technology, innovation and card volume.
Citi, the leading global financial services company, has approximately 200 million customer accounts and does business in more than 160 countries and jurisdictions. Through 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.
Certain statements in this document are "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act. These statements are based on management’s current expectations and are subject to uncertainty and changes in circumstances. Actual results may differ materially from those included in these statements due to a variety of factors. More information about these factors is contained in Citigroup's filings with the Securities and Exchange Commission.
Global Transaction Services
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 second quarter of 2010, it held on average $320 billion in liability balances and $11.3 trillion in assets under custody. For more information on Citi’s Global Transaction Services, visit www.transactionservices.citigroup.com/transactionservices/home/