NXP Semiconductors Awards Citi Asia Pacific Cash Mandate
Hong Kong, March 19, 2008 - Citi has won the regional cash management business of NXP Semiconductors, one of the world’s leading manufacturers of semiconductors. The mandate covers NXP entities across Australia, China, Hong Kong, India, Japan, Korea, Malaysia, Philippines, Singapore, Taiwan and Thailand.
Citi captured this piece of cash management business by offering NXP an unparalleled range of cash management services and innovative host-to-host solutions. Citi will supplement the collection and payment solutions with an efficient global concentration solution to create a centralized cash pool for more effective management of liquidity. In light of recent regulatory changes across Asia, Citi has included additional countries into the global structure.
By partnering with Citi, NXP has implemented an automated just-in-time funding process across most countries in Asia that allows individual country units to focus on their core operations. The mandate demonstrates Citi’s strength in providing innovative solutions, cross-border servicing capabilities as well as serving both local and global treasury requirements.
The deal also highlights Citi's dominance in structuring regional cash management solutions in Asia Pacific, with NXP joining the majority of Fortune 500 as major cash management clients of Citi regionally and globally. Based in the Netherlands, over 50% of NXP's global sales come from the Asia Pacific region.
Desmond Tay, Head of Asia Treasury said: “We are pleased to partner with Citi, who have proved that they understand our Asia Pacific cash management requirements. We have confidence that the innovative solutions will further enhance the efficiency of our treasury operations.”
Added Luc de Dobbeleer, Global Treasury and Risk Management at NXP: “Citi's innovative cash management capabilities coupled with detailed analysis of our operations enabled us to jointly design the appropriate solution in Asia Pacific. We are pleased with Citi's flexibility in meeting our requirements and delivering a customized solution to help us meet the goals of our treasury operations. ”
Commenting on the mandate win, Ivo Distelbrink, Head of Cash and Trade Sales Asia Pacific said: “NXP is yet another important cash management win for Citi in Asia and again displays our dominance in the technology sector. This is the latest regional deal won by Citi, continuing our virtual clean sweep of complex regional cash and treasury management mandates in the region.”
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