Citi Provides Commercial Cards Solutions to BASF
London, Dubai - October 18, 2010 – Citigroup, through its Global Transaction Services business, today commenced commercial card issuance on behalf of BASF, the world’s leading chemical company, in the UAE. BASF employees in the UAE will now use Citi-issued commercial cards for managing and settling corporate expenses using a state-of-the-art technological platform.
Citi has launched its global commercial card offering in over 50 local currency issuance markets in recognition of ongoing client demand and this is the first step in Citi’s strategy to expand its innovative commercial card offering in the Middle East.
Citi Commercial Cards, with unsurpassed acceptance and an extensive issuing footprint, has long been considered a pre-eminent commercial cards provider to large and multinational 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.
Mr. Harald Kroll, Managing Director, Middle East, BASF said "By choosing Citi Commercial Cards, we now have access to a host of online, customizable, reporting tools and solutions which increase control and transparency, offering greater visibility into company spends. The innovative platform offered by Citi Commercial Card Services delivers a flexible solution designed to match the needs of our company as we continue to embark on automation and efficiency in our treasury function."
Mr. Steve Donovan, Head of Citi’s Global Transaction Services, Middle East & Pakistan, said "Citi has paved the way in the Commercial Cards space by continuing to launch these state-of-the-art products across the globe. Today’s partnership with BASF further reinforces our commercial card proposition as a dynamic tool and sophisticated delivery platform, while positioning Citi as a supplier of choice for top corporates with extensive operations in the region where Citi has also had a committed presence for over five decades."
Citi has been in the Arab World for more than 50 years and views the region as critical to its global franchise. It currently offers full scale corporate & investment banking services across ten Arab countries including Egypt, UAE, Lebanon, Jordan, Tunisia, Morocco, Algeria, Bahrain, Qatar and Kuwait as well as Pakistan. Its consumer banking services cover UAE, Egypt, Bahrain and Pakistan, while it maintains close relationships with high net worth clients in the region through the Citi Private Bank.
Citi, the leading global financial services company, has approximately 200 million customer accounts and does business in more than 160 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.
About 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/
Citibank® Commercial Card Solutions
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Citibank® One Car - A versatile cards solution combining Purchasing Card and Corporate Card functionality in a single card, enabling better management and expense control across the organisation.About BASF
BASF is the world’s leading chemical company: The Chemical Company. Its portfolio ranges from chemicals, plastics and performance products to agricultural products, fine chemicals as well as oil and gas. As a reliable partner BASF creates chemistry to help its customers in virtually all industries to be more successful. With its high-value products and intelligent solutions, BASF plays an important role in finding answers to global challenges such as climate protection, energy efficiency, nutrition and mobility. BASF posted sales of more than €50 billion in 2009 and had approximately 105,000 employees as of the end of the year. BASF shares are traded on the stock exchanges in Frankfurt (BAS), London (BFA) and Zurich (AN). Further information on BASF is available on the Internet at www.basf.com