Commercialbank exceeds 98% STPR for US Dollar payments
Doha, June 2005 – Citigroup Global Transaction Services (GTS), a business unit of Citigroup, recently presented the Commercialbank of Qatar (Commercialbank) with the 2004 Quality Recognition Award for achieving a Straight Through Processing Rate (STPR) in excess of 98% for US Dollar payments sent through Citibank New York, a member of Citigroup.
The Quality Recognition Award is a prestigious annual award developed by Citigroup Global Transaction Services and is presented to leading financial institutions around the world, which meet the award’s strict correspondent banking and processing criteria.
Sarmad Lone, Vice President and Head of Citigroup’s Financial Institution Group in the Gulf region, said: “ We congratulate Commercialbank, one of Citigroup’s top correspondent banks in the region, for winning the 2004 Quality Recognition Award. Commericalbank was selected among top candidates in the region to receive this prestigious award.”
Receiving the award on behalf of Commercialbank, Mr. Andrew Duff, Corporate Banking and Capital Market Group Head, remarked: “The Quality Recognition Award received from Citigroup is a recognition of top level of efficiency and performance attained by Commercialbank. We are very proud to receive such an award from the world’s leading financial institution.”
Citigroup (NYSE: C), the preeminent global financial services company has some 200 million customer accounts and does business in more than 100 countries, providing consumers, corporations, governments and institutions with a broad range of financial products and services, including consumer banking and credit, corporate and investment banking, insurance, securities brokerage, and asset management. Major brand names under Citigroup's trademark red umbrella include Citibank, CitiFinancial, Primerica, Smith Barney, Banamex, and Travelers Life and Annuity. Additional information may be found at: www.citigroup.com.
About Citigroup Global Transaction Services
Citigroup Global Transaction Services is a leading provider of integrated cash management, trade finance, securities and fund services and commercial card solutions to corporations, financial institutions and governments around the world. With over US$ 115 billion in average liability balances, more than US$ 7.9 trillion in assets under custody and the largest proprietary branch network, Citigroup’s award-winning operating systems and Internet-based delivery channels enable clients to manage and monitor working capital and investments more efficiently, streamline transaction processing cycles, and re-engineer receivables and payment processes. Citigroup Global Transaction Services provides clients with access to Citigroup’s full range of capabilities and solutions along with an on-the-ground presence and in-depth knowledge of more than 100 local markets. For additional information, see www.transactionservices.citigroup.com.