Equiniti and Citi Announce Global Payments Solution
London, October 31, 2007 – Equiniti, the UK's leading provider of share registration services, and Citi Markets & Banking today announced that they are working together to provide international payments services to Equiniti's clients. Equiniti, formerly Lloyds TSB Registrars, acts as Registrar for over 700 companies including over 55% of the FTSE 100.
Citi's Global Transaction Services business is providing an international payments solution to Equiniti through its market leading WorldLink® Payment Services. WorldLink® will enable Equiniti to offer to its clients and their shareholders a convenient international payment solution for corporate dividends and other disbursements. By offering these solutions, Equiniti will give investors who live overseas a set of cost efficient options to receive payments in their local currency. WorldLink® is used by over 4,000 corporations, financial institutions and governments to process international payments in over 135 currencies.
John Parker, Customer Relationships & Business Development Director for Equiniti said, "Through our alliance with Citi we aim to fundamentally enhance market practice for dividend and other types of payment. At the moment many overseas investors experience inconvenience, delay and extra cost when they receive payments in a currency other than the one they prefer. For example, the recipient of a GBP dividend cheque who has retired to Florida or Spain may encounter a lengthy delay, high fees and poor foreign exchange rates when depositing a GBP dividend cheque with their local bank. Our relationship with Citi will give that investor the opportunity to receive local currency direct to their local bank."
Rajesh Mehta, Head of Cash Management for Citi's Global Transaction Services business in Europe, Middle East and Africa, said, "Citi is proud to be joining forces with Equiniti to leverage our international payment platform and our global network encompassing over 100 countries to offer overseas investors a simplified and cost effective way to receive dividends and other payments."
For information on WorldLink® Payment Services, please visit www.worldlink.com or for information on Equiniti, visit www.equiniti.com.
Equiniti, formerly Lloyds TSB Registrars, is the UK's leading provider of share registration services. It has over 700 corporate clients (including over 55% of the FTSE100) and manages over 24 million shareholder records.
It is also a major administrator of employee share plans, flexible benefits and pension schemes as well as providing share portfolio management and share dealing services via www.Shareview.co.uk.
Following the acquisition of Lloyds TSB Registrars on 30th September the company was rebranded as Equiniti. It employs around 1,700 staff and has operations in Worthing, Birmingham, Edinburgh, Bristol and London.
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.