TD Banknorth Appoints Citi to Provide Trade Finance Solution
SIBOS: BOSTON, NEW YORK – Citi Markets & Banking and TD Banknorth, N.A., announce today that Citi has been appointed by TD Banknorth to provide an Asian re-issuance processing service for TD Banknorth's commercial letters of credit to the region. Through this offering, TD Banknorth will be able to access Citi's Global Transaction Services' extensive trade network and will be able to take advantage of Citi's document checking services. Processing will be carried out primarily by Citi's trade operations center in Penang, Malaysia.
Bennett Schwartz, Senior Vice President and Director of International Banking at TD Banknorth, said, “Citi's ability to provide TD Banknorth with a number of different options gave us the opportunity to select the processing solution that best met our needs and to access the additional resources we require to grow our business. Citi's local support in the US, combined with its links to Asia and around the world, makes them an ideal partner for us.”
John Ahearn, Managing Director and Global Head of Trade Services at Citi, remarked, “Citi's appointment by TD Banknorth, a major U.S. regional bank, illustrates how our worldwide network and local market expertise come together to provide our clients with best-in-class solutions.”
Sankar Krishnan, Director and Canada Trade Head said, “Our growing relationship with TD Banknorth reflects our dedication and commitment to the financial institutions market. In addition, our network of more than 3,000 correspondent banks allows us to support TD Banknorth by mitigating certain cross-border risks. In selecting Citi to assist them in Asia, TD Banknorth can leverage this superior network and benefit from Citi's own consistent service across the region.”
With a market-leading network spanning 72 countries and 113 cities, Trade Services and Finance, part of the Global Transaction Services division of Citi Markets & Banking, delivers comprehensive solutions to suppliers and buyers worldwide. Clients benefit from the innovative ideas of Citi's trade professionals, enabling them to manage risk, improve working capital, control trade flows and multiple currency cash flows, and access information to facilitate the management of trade activities.
In the 2007 Trade Finance Magazine's Awards for Excellence Citi was named the Best Trade Services Bank, Best Short-Term Finance Bank, Best Export Finance Arranger and Best Regional Bank in Asia as well as Best Trade Finance Bank in Malaysia, Philippines, Singapore, and Vietnam. In addition, Global Finance magazine named Citi World's Best Global Bank for Trade Finance, World's Best Trade Finance Bank and Provider for The Americas and Mexico, and the Best Trade Services Bank for Latin America and Central and Eastern Europe.
About TD Banknorth
TD Banknorth Inc. is a leading banking and financial services company headquartered in Portland, Maine and a majority-owned subsidiary of TD Bank Financial Group. At December 31, 2006, TD Banknorth had $40 billion of total consolidated assets. TD Banknorth's banking subsidiary, TD Banknorth, N.A., operates banking divisions in Connecticut, Maine, Massachusetts, New Hampshire, New Jersey, New York, Pennsylvania and Vermont.
TD Banknorth and TD Banknorth, N.A. also operate subsidiaries and divisions in insurance, wealth management, merchant services, mortgage banking, government banking, private label credit cards, insurance premium financing and other financial services and offers investment products in association with PrimeVest Financial Services, Inc. For more information, visit http://www.TDBanknorth.com.
Citi Markets & Banking is the most complete financial partner to corporations, financial institutions, institutional investors and governments in the world. As a global leader in banking, capital markets, and transaction services, with a presence in many countries dating back more than 100 years, Citi enables clients to achieve their strategic financial objectives by providing them with cutting-edge ideas, best-in-class products and solutions, and unparalleled access to capital and liquidity.
Citi, 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 the trademark red arc include: Citibank, CitiFinancial, Primerica, Citi Smith Barney and Banamex. Additional information may be found at www.citigroup.com or www.citi.com.