Citigroup Awarded Best Cash Management and Best Cash Solutions Bank in Asia by FinanceAsia
Hong Kong, January 16, 2007 – FinanceAsia has awarded Citigroup best cash management bank and best cash solutions bank in Asia for 2006. It is the first time that Citigroup has picked up both the major cash management awards from the magazine in the same year, and the third year in a row that Citigroup wins the best cash management bank award.
Commenting on the bank's year, FinanceAsia said "Citigroup has again proved its standing in 2006 as Asia's top cash management bank. In 2006 the bank continued to fire on all cylinders, greatly expanding its client base, rolling out an immense number of new and innovative cash products and enhancements in Asia and building on its number of cash professionals in the region."
Over the course of the year, Citigroup in Asia rolled out more than 400 complex new products and enhancements in Asia, including many market-specific functions. On its TreasuryVision platform, the judges were impressed by Citigroup's addition of comprehensive account management and contact management account functions and its dealing functionality that allows corporate treasurers to meet internal demands for foreign exchange cover, placement or short-term requirement for money.
Citigroup also won the best Cash Solutions Bank with its transaction for Roche cited. "Citigroup's solution for healthcare company Roche proved to be an exceptional solution thanks to its sheer scale and geographic reach" said FinanceAsia.
In January, Citigroup was mandated for what is one of the most comprehensive cash management RFPs ever conducted in Asia, wherein Roche was looking to implement a solution covering payables, receivables and liquidity management across 17 countries regionally, including complex markets such as Cambodia and Pakistan.
In addition to these requirements, Roche was looking to expand the scope of its In House Bank (IHB) to oversee Asia-Pacific. This required cash pooling, centralised reporting through its SAP instance server, standardised third party payments through Native iDoc payment files for all countries in Asia-Pacific, inter-company settlement and inter-company foreign exchange. All were addressed.
"The key reason for reviewing banking arrangements in Asia-Pacific was the planned introduction of our In House Bank in Asia-Pacific and the opportunity to standardise and simplify processes, reduce the number and value of external bank transactions and reduce costs," says Martin Schlageter, head of global cash management at Roche. "The implementation so far has exceeded our expectations: it has been smooth, delivered within the timelines set and well resourced by Citigroup."
Commenting on the awards, Nigel Dobson, head of cash management for Citigroup in Asia said, "These awards are an important and welcome recognition for all the hard work and effort put in by the team across the region. I would like to thank FinanceAsia for their strong endorsement. However, this award would not be possible without the trust and support of our clients, who rely on Citigroup for their cash management needs throughout Asia. These awards confirm that Citigroup is offering the best cash management solutions to the broadest group of clients in Asia."
Ivo Distelbrink, head of cash sales for Citigroup in Asia comments, "The Asia cash business is extremely well positioned for continued success and market share growth in 2007. The business shows a deal pipeline at record levels with many clients keen to replicate some of the market leading, best in class treasury management structures put in place by Citigroup in 2006 across the region."
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, insurance, securities brokerage, and asset 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.
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.