Bosch UK and Citi Prepaid Services Announce Prepaid Card Rewards Programme
London - April 7, 2011 – Citi Global Transaction Services announced today that Bosch Home Appliances, a division of BSH Home Appliances and manufacturer of energy efficient appliances, will partner with Citi Prepaid Services for their UK consumer cashback programme. Citi will provide a Bosch-branded Visa Prepaid card solution to customers who purchase a Bosch appliance with an associated cashback promotion. Bosch is the first in the appliance industry to offer customers a Citi Prepaid card solution in the UK. Citi Prepaid Services has successfully managed cashback card programmes with Bosch's US and Australian divisions.
In the past, Bosch UK has run customer cashback promotions using cheques as the method of payment which provided no opportunity for Bosch branding or an ability to cross-sell other Bosch appliances. Consumers were also inconvenienced because they needed to cash the cheque and potentially wait several days to collect their funds.
By switching to Citi’s Prepaid card solution, Bosch's customers will now receive a custom Bosch-branded Visa rewards card which they can use immediately anywhere Visa is accepted worldwide, giving them the flexibility to spend their funds as they wish. When consumers spend their funds, they will now have a brand impact with Bosch every time they use their card.
Bosch also plans to partner with Citi Prepaid Services to launch a card-based sales incentive programme among its UK distributor network in Spring 2011.
Ken Humphrey, Brand Manager at Bosch said: "Citi’s Prepaid card solution will greatly enhance our cashback programmes by replacing cheques with a fully branded Bosch Visa Prepaid card that our customers can spend immediately at millions of Visa merchants around the world. Our customers will greatly benefit from this flexible and convenient payment solution."
Jay Hershman, EMEA Prepaid Sales Head, Citi, said, "Citi is very pleased to announce that Bosch UK will be utilising our Prepaid card solution, which will bring additional value to their consumer cashback promotions. We also look forward to working with Bosch on the upcoming sales incentive programme which will take the form of a Citi Prepaid card. Both programmes will drive delivery of their consumer and sales incentives payments with measurable impact."
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.
About Citi®Prepaid Services
Citi Prepaid Services is a leading provider of innovative corporate Prepaid solutions. Through a consultative approach, Citi Prepaid provides clients with comprehensive electronic payment programmes that reduce costs, enhance operational efficiencies and provide an unmatched user experience. Leveraging an extensive payment platform and proprietary Prepaid technology, clients around the world depend on Citi Prepaid’s custom programmes for all types of payments including compensation, promotions and disbursements. For more information about Citi Prepaid Services, visit www.citiprepaid.com.
The Bosch Group is a leading global supplier of technology and services. In the areas of automotive and industrial technology, consumer goods, and building technology, some 275,000 associates generated sales of 38.2 billion Euros in fiscal 2009. The Bosch Group comprises Robert Bosch GmbH and its more than 300 subsidiaries and regional companies in over 60 countries. If its sales and service partners are included, then Bosch is represented in roughly 150 countries. This worldwide development, manufacturing, and sales network is the foundation for further growth. Each year, Bosch spends more than 3.5 billion Euros for research and development, and applies for some 3,000 patents worldwide. With all its products and services, Bosch enhances the quality of life by providing solutions which are both innovative and beneficial.
The company was set up in Stuttgart in 1886 by Robert Bosch (1861-1942) as "Workshop for Precision Mechanics and Electrical Engineering." The special ownership structure of Robert Bosch GmbH guarantees the entrepreneurial freedom of the Bosch Group, making it possible for the company to plan over the long term and to undertake significant up-front investments in the safeguarding of its future. Ninety-two percent of the share capital of Robert Bosch GmbH is held by Robert Bosch Stiftung GmbH, a charitable foundation. The majority of voting rights are held by Robert Bosch Industrietreuhand KG, an industrial trust. The entrepreneurial ownership functions are carried out by the trust. The remaining shares are held by the Bosch family and by Robert Bosch GmbH.
Additional information can be accessed at www.bosch.com