Computershare and Citigroup Announce Global Payments Solution
Investors can choose type of currency for receiving payments
New York, December 12, 2006 – Computershare (ASX: CPU), one of the world's leading financial services and technology providers for the global securities industry, has partnered with Global Transaction Services — a business of Citigroup Corporate and Investment Banking — in the provision of international payments services to its corporate clients and their shareholders. Citigroup will work with Computershare to support cross-border dividend, share plan, and corporate action payments through its market-leading WorldLink® Payment Services, which is used by corporations, financial institutions and governments to process international payments in over 135 currencies.
"Computershare is committed to developing innovative services that support and promote the needs of global companies. Through our partnership with Citigroup, we aim to fundamentally change market practice for dividend and other types of payments," said Paul Conn, Head of Global Capital Markets for Computershare. "At the moment, many investors experience inconvenience, delay and extra cost when they receive payments in a currency other than the one they prefer."
By leveraging the WorldLink® solution along with enhancements to its own proprietary technology, Computershare is able to offer its clients access to convenient international payment solutions in areas such as corporate dividends, corporate actions and share plan administration. Investors who live overseas now have a set of cost-efficient options to receive payments in their currency of choice.
For example, a citizen of the United Kingdom — who typically receives a British Pound Sterling dividend cheque — may be retired and living in Canada. Depositing a British Pound Sterling cheque into a Canadian bank account delays the shareholder's receipt of funds, resulting in high processing fees and poor foreign exchange rates. Computershare's relationship with Citigroup will give that investor the opportunity to receive payments in Canadian currency direct to their local bank.
David Maya, Global Head of Business Development for Cash Management, Citigroup Corporate and Investment Banking, said, "Computershare is a leading financial services company with a tremendous future in the provision of services to the securities industry. We are extremely pleased to partner with them and help solve the painful and expensive problems experienced by overseas investors. This is a great example of the type of partnerships we have been pursuing with success to embed our products and capabilities through key market players."
EVP, Marketing North America
+312 588 4249
Director, Marketing EMEA
+44 870 703 0041
Computershare (ASX: CPU) is a global leader in share registration, employee equity plans, proxy solicitation and other specialised financial and communication services. Many of the world's largest companies employ our innovative solutions to maximise the value of their relationships with investors, employees, customers and members.
Computershare has approximately 10,000 employees across the world and serves 14,000 corporations and 90 million shareholders and employee accounts in 17 countries across five continents. For more information, visit www.computershare.com
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.