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Citi Implements New Renminbi Multi-Currency Notional Pooling Solution in London

London - February 27, 2013 – Citi has recently added the renminbi (RMB) to its Multi-Currency Notional Pooling service in London.

Citi’s multi-currency notional pool provides a liquidity management tool to gain cash flow flexibility and manage FX costs more efficiently among different currencies by notionally offsetting cash balances without performing FX trades.

This extension of Citis existing pooling capabilities responds to the growing internationalisation of the Chinese currency and brings the total number of currencies available in Citi’s multi-currency pooling offering to 26. The Bank is applying its global presence and global liquidity management expertise to help corporate treasurers seize the opportunities arising from the continued opening of the China market and its currency. It has already implemented this solution for a multi-national corporate client.

Citi launched its EMEA RMB cash and trade offering in June 2012. Over the past year, the Bank has seen a significant increase in the volume and value of cross-border RMB transactions generated in London and other centres, with more and more multi-national companies holding offshore RMB cash balances to support trade flows in the currency. Citi recently announced the significant surge it is seeing in RMB-related transactions in Singapore.

“By implementing this RMB offshore multi-currency notional pool, we can now help our clients integrate RMB deeper into their cash and liquidity management processes,” said Rajesh Mehta, EMEA Head of Treasury and Trade Solutions, Citi Transaction Services.

“Citi is an active supporter of RMB internationalisation and, as a leading global cash and liquidity management provider, we are committed to helping our clients gain better access to the Chinese market by embracing RMB in their treasury management practices.”

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About Citi
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 Citi Transaction Services
Citi 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 95 countries, Citi’s Transaction Services supports over 65,000 clients. As of the fourth quarter of 2012, it held on average $428 billion in liability balances and $13.2 trillion in assets under custody.