Citi Expands Global Coverage of Its Commercial Cards Business in Israel
London - December 19, 2011 – Citigroup today announced that its Global Transaction Services business has extended its Commercial Cards offering to Israel.
With Israel added to the list of issuing countries, Citi Commercial Cards solutions are now available in 102 countries, which include 64 local currency programs. The launch is part of Citi’s strategy to support its Clients by continuously expanding its Cards business globally.
Manish Kohli, Global Head of Commercial Cards, Citi Global Transaction Services, said: "We are very pleased to offer Commercial Card solutions to our Clients in Israel. By adding this sophisticated payment method to our local offering, we are helping Clients to move from traditional payment instruments to electronic ones, thus enabling digitization and providing a more secure, efficient and transparent solution that is underpinned by a best in class reporting tool. We are committed to expanding the global coverage of our Commercial Cards business and look forward to further strengthening our network."
Ralph Shaaya, Country Corporate Office for Israel, added: "The launch of Commercial Cards in Israel is a terrific addition to our franchise as we are now able to leverage another global solution locally. This enables us to support both our local and multinational Clients by offering them a state of the art, standardized tool which addresses their growing need for greater efficiency in payments, processes and working capital management."
Citi® Commercial Cards: Proprietary issuance capabilities in 102 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, 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 third quarter of 2011, it held on average $365 billion in liability balances and $12.5 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 30 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.