Citi Wins Logitech Global Cash Management Mandate
London, Rome - October 12, 2011 – Citigroup, through its Global Transaction Services unit, is pleased to announce that it has been mandated by Logitech International SA, the global provider of personal peripherals for computers and other digital platforms, to handle its cash management operations globally.
Citi will consolidate Logitech’s operations into a multicurrency global account structure across 39 countries. This fully integrated solution will seamlessly connect with Logitech’s Enterprise Resource Planning (ERP) environment and will allow Logitech to gain efficiency for suppliers, employees and tax payments and maximise visibility into Logitech’s global cash pooling structures.
"Our business spans across North America, Western, Central, and Eastern Europe, Asia, and parts of Latin America. Consolidating multiple global, regional, and local banking relationships to one banking partner allows us to streamline our account structure and reduce cost while managing our cash position with increased transparency and visibility," said Joe Greenhalgh, Vice President Investor Relations and Treasury at Logitech.
"Given Citi Global Transaction Services’ presence and deep local relationships in 96 countries, we are in a unique position to offer Logitech a global platform which allows them to consolidate their banking relationships. Our extensive experience and bespoke solution set will allow Logitech to further improve the company’s global operational efficiency and reduce costs," said Michael Guralnick, Global Head of Client Sales Management for Treasury & Trade Solutions at Citi.
Logitech is a world leader in products that connect people to the digital experiences they care about. Spanning multiple computing, communication and entertainment platforms, Logitech’s combined hardware and software enable or enhance digital navigation, music and video entertainment, gaming, social networking, audio and video communication over the Internet, video security and home-entertainment control. In addition, LifeSize, a division of Logitech, offers true high definition video conferencing so people can get the best quality Telepresence experience.
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.