Citigroup Provides International Payment Services to Kiwibank
Auckland, New Zealand - September 7, 2006 – Citigroup and Kiwibank announced today that Kiwibank will provide a range of international accounts and services, leveraging Citigroup's products and processing capabilities. With this offering, Kiwibank's customers can enjoy a broad range of sophisticated international payment and trade products, including cross border funds transfers, trade services, foreign currency accounts and forward contracts.
"Providing a full range of international accounts and services consolidates Kiwibank's position as a full-service bank," said Sam Knowles, Chief Executive of Kiwibank. "We are delighted to work with Kiwibank to provide a solution that enables Kiwibank to expand its product with minimal investments by leveraging our network, processing infrastructure and product superiority," said Nigel Dobson, Managing Director and Asia Pacific Cash Management Head of Citigroup's Global Transaction Services. "Kiwibank's broad customer base and extensive distribution network in the New Zealand market provides a natural synergy with Citigroup's extensive global network in over 100 countries, international product c apabilities and delivery channels," he said.
Citigroup's international payment solutions are part of its Cross-Border Payment Solutions for Banks which provide a comprehensive set of international cash management capabilities, allowing banks to increase revenue and leverage Citigroup's processing infrastructure and network.
Citigroup's trade services solutions for financial institutions enable banks to gain access to an extensive global network and international Trade services through its web-based delivery platform, CitiDirect Online Banking.
Citigroup
Citigroup (NYSE: C), the leading 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,
securities brokerage, and wealth management. Major brand names under
Citigroup's trademark red umbrella include Citibank, CitiFinancial,
Primerica, Smith Barney and Banamex. Additional information may be
found at www.citigroup.com
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.
