Citi Expands Global Coverage of Its Card Business with New Countries in EMEA
London, Rome - October 12, 2011 – Citigroup today announced that its Global Transaction Services business has expanded its Commercial Card business into five new markets in the Europe, Middle East and Africa (EMEA) region including Bulgaria, Egypt, Pakistan, Kenya, and Nigeria. Citi is also launching an International Payment Card Service in Saudi Arabia and simultaneously expanding its Prepaid card services business into Egypt, Pakistan and Bahrain.
With these launches, Citi Commercial Cards are now available in 101 countries, including 64 where a local currency program is available. Additionally, Citi’s Prepaid solutions are now offered in 27 countries. These launches are part of Citi’s strategy to continuously expand its Cards business across the EMEA region.
Manish Kohli, Head of Wholesale Cards for Europe, the Middle East and Africa, Citi, said: "This expansion is an important milestone for our cards business as we continue to develop local solutions in key markets for our clients that are consistent with our global standards. In most of these markets, our clients are currently using traditional payment methods which do not fully meet their sophisticated needs. This strategic product launch delivers Citi’s industry leading Commercial and Prepaid Card solutions, allowing our Corporate and Public Sector clients in these markets to benefit from increased efficiency, transparency and control over their payments"
Rajesh Mehta, Head of Treasury and Trade Solutions for Europe, the Middle East and Africa, Citi, added: "The launch of our Commercial and Prepaid card services into these new markets demonstrates our commitment to grow the transaction services business globally and address the need of greater efficiency in payments, processes and working capital. These launches enable Citi to support its clients’ in EMEA by offering an unmatched level of support through locally delivered solutions operating to global service standards."
Citi® Commercial Cards’, with proprietary issuance capabilities in 101 countries including an unrivalled local currency footprint in over 64 markets, positions Citi as a pre-eminent commercial cards provider to large and multi-national organizations worldwide. Citi’s commercial cards programs are used by nearly 500 multinational corporations at the core of their expense management strategy, making Citi a premier cards issuer in terms of technology, innovation and card volume.
Citi® Prepaid Services provide customised prepaid card solutions in local currencies for corporate and public sector clients looking for simple and convenient ways to deliver payments, including payroll, consumer rewards and employee incentives. Citi is the global market leader in prepaid cards and serves a number of leading public and private corporations including 40 of the fortune 100 and over 1,300 corporations globally.
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.
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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, 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.
About Citi® Commercial Card Solutions
Citi® Corporate Card – This employee card for travel and entertainment expenses is accepted in over 22 million outlets worldwide, wherever the user travels, with 24/7 customer service.
Citi® Central Travel Account – Held with your designated travel management company, this account simplifies and improves the ability to monitor and control costs.
Citi® Purchasing Card – Designed for a wide range of day-to-day business expenses, this card enables companies to streamline their purchasing process and ultimately negotiate more effectively with suppliers.
Citi® One Card
This versatile cards solution combines the Purchasing Card with the Corporate Card, enabling better management and expense control across the organisation.
Citi® Virtual Card Account
A next generation payments tool which increases transaction control and security. It enables organizations to generate unique virtual card numbers and dynamically set spending and reconciliation controls on each virtual card based on their specific purchasing need.
Citi® Meeting Card
Provides organizations with one flexible, efficient payment solution to help solve the challenge of making payments for meeting and events.
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 use 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.