Citi Wins Emirates Global Cash Management Mandate
Covering Its Operations in Africa, Asia and North America
Dubai - March 17, 2011 – Citi announced today that it has been selected by Emirates, the world’s fastest growing airline, to handle its global cash management operations in Africa, Asia and North America.
Executed by Citi’s Global Transactions Services, the solution aims at optimizing global cash management by providing a combination payments technology geared to fully leverage the airline’s deployment of Oracle ERP across the globe, as well as receivables and liquidity tools tailored to Emirates' operational process flows and systems.
Citi’s state-of-the-art technology platform as well as global footprint, expertise and proven track record were decisive factors in winning this key mandate.
The mandate also complements Citi’s long term strategic partnership with Emirates which has been built over two decades. Throughout this period, the partnership has covered strategic financing of Emirates’ expanding fleet, including A380 Aircraft, as well as developing value-added consumer products, such as the co-branded Emirates Citibank credit cards and debit cards, which reward cardholders with Skywards Miles on their card spend.
Steve Donovan, Head of Citi’s Global Transaction Services, Middle East & Pakistan, said: "At Citi, we value our strategic alliance with Emirates which is one of the leading brands in the world, and we're proud to provide global cash management services that meet the exact needs of the company. This is demonstrative of our ability to offer clients worldwide local and regional solutions with global service standards."
Citi has been in the Arab World for nearly 50 years and views the region as critical to its global franchise. It currently offers full scale corporate 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 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.
About Global Transaction Services
Global Transaction Services, a division of Citi’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, Citi’s Global Transaction Services supports over 65,000 clients. As of the fourth quarter of 2010, it held on average $353 billion in liability balances and $12.6 trillion in assets under custody..