Citi Appointed by French Mutualité Sociale Agricole to Process Overseas Pension Payments
London, Paris - September 15, 2011 – Citigroup today announced that its Global Transaction Services business has been appointed by the Caisse Centrale de la Mutualité Sociale Agricole (C.C.M.S.A.) - one of the largest public pension regimes in France - to provide an overseas payment solution for farmers’ pension scheme. The mandate was won following a competitive public tender, in accordance with European regulation.
Citi will work with CCMSA to process 2.8 million annual, multi-currency payments to overseas pensioners for a total annual amount of euro 300 million in 89 countries. These payments will be executed through Citi’s market leading WorldLink® Payment Services. Worldlink® Payment Services is used by thousands of corporations, financial institutions and governments around the world to process international payments in over 135 currencies.
Ms Sixou-Pilette, Chief Financial Officer at CCMSA said: "This overseas pension payments solution is part of our ongoing drive to improve the services offered to the members of our pension scheme. We are pleased to be working with Citi to provide enhanced, efficient and secure payments."
Rajesh Mehta, Head of Treasury and Trade Solutions for Europe, Middle East and Africa at Citi, said, "We are delighted to work with CCMSA to serve their pensioners’ cross border needs more effectively. As a market leader in processing overseas pension payments, Citi can leverage its international payment platform and global network in over 100 countries to provide CCMSA with best in class and reliable solutions."
For information on WorldLink® Payment Services, please visit www.worldlink.comGlobal 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, Citigroup’s Global Transaction Services supports over 65,000 clients. As of the second quarter of 2011, it held on average $365 billion in liability balances and $13.5 trillion in assets under custody.
Citi, the leading global financial services company, has approximately 200 million customer accounts and does business in more than 160 countries and jurisdictions. 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 | Twitter: @CitiGTS | YouTube: www.youtube.com/citi | Blog: http://new.citi.com | Facebook: www.facebook.com/citi | LinkedIn: www.linkedin.com/company/citi