Citigroup Launches Commercial Cards Expansion Program in Malaysia
March 28, 2006 — Hong Kong, Singapore, Kuala Lumpur, 28 March 2006: Global Transaction Services, a business unit of Citigroup Corporate and Investment Bank, announced today it is expanding its commercial cards programme in Malaysia, offering companies an easy, convenient way to manage travel and entertainment expenses and pay for key supplies, control employee spending limits, meet cash flow needs, and track business expenses. With the enhanced service, clients will be able to access information by using an array of solutions to provide more detailed information on corporate expenditure.
Citigroup's commercial cards program offers companies an efficient way to reduce costs by streamlining the processes associated with expense management, simplifying the back office process for clients.
Citibank® Commercial Cards' offers a Corporate Card and a Purchasing Card. The Corporate Card is mainly used for corporate expenses associated with business travel while the Purchasing Card is used mainly for purchasing and payments for companies. The Purchasing Card allows companies to move from multiple invoices to just one statement offering a more cost-effective payment process.
Sanjeev Nanavati, Citigroup Malaysia's head of Corporate and Investment Banking said, "We are very pleased to take a new strategic view of the commercial cards product in Malaysia. For many organisations, streamlining their back office processes and control over spending are key sources of competitive advantage. The team in Malaysia is geared up to take on additional commercial cards business as an integral component of our cash management solutions."
"Our expansion program in Malaysia is part of our ongoing commitment to Asia," says Steven Murphy, business head for Citigroup's commercial cards in Asia. "Supporting clients with best-in-class solutions and market-leading expertise that enables greater process improvements and delivers bottom line savings is paramount to our strategy," he added.
Citigroup's commercial cards business offers card programs in 39 countries used by over 1,000,000 corporate and government cardholders. The high popularity of the product relies on its international reach and the ability to integrate with clients' internal financial management and procurement systems. Citibank®Commercial Cards offers clients the benefits of a worldwide presence due to the relationship with MasterCard.
"At MasterCard, we understand that corporations face a tougher
choice and the procurement needs go far beyond a well-accepted payment
card. Payment solutions must take an end-to-end integrated approach
that works with existing or future processes to provide continuous
improvements in efficiency and control," said Peter Gordon,
vice president, Commercial Payment Solutions, Asia/Pacific, MasterCard
Notes to Editors
About Citigroup Corporate and Investment Banking
Our Corporate and Investment Banking group achieves the extraordinary for our clients around the world. No financial institution is more committed to understanding and advancing the goals of its clients - our diverse and talented staff in some 100 countries advises companies, governments, and institutional investors on the best way to realize their strategic objectives. We create solutions for and provide the broadest possible capital and market access to thousands of issuer and investor clients, and no institution better executes the increasingly complex payment and cash management solutions required in today's global economy. Core business lines under Citigroup Corporate and Investment Banking include Global Capital Markets, Global Banking and Global Transaction Services.
About MasterCard International
MasterCard International is a leading global payments solutions company that provides a broad variety of innovative services in support of our global members' credit, deposit access, electronic cash, business-to-business and related payment programs. MasterCard manages a family of well-known, widely accepted payment card brands including MasterCard®, Maestro® and Cirrus® and serves financial institutions, consumers and businesses in over 210 countries and territories. The MasterCard award-winning Priceless® advertising campaign is now seen in 105 countries and in 48 languages, giving the MasterCard brand a truly global reach and scope. For more information go to www.mastercardinternational.com.