Groupe Banque Atlantique appoints Citi as a Global Partner to Facilitate its Consumer Remittances into Africa
LONDON, VIENNA - September 16, 2008- Citi announced today that its Global Transaction Services business has won a new mandate from the Banque Atlantique group. The group, headquartered in LomÃ© Togo, currently owns and manages eight bank subsidiaries in seven West African countries Benin, Burkina Faso, Cameroon, Cote d'Ivoire, Mali, Niger, Togo and Senegal, and will open a subsidiary in Cameroon imminently. The Banque Atlantique group appointed Citi as a global partner to facilitate workers remittances into Africa with the Citi QuikRemit Service as it continues to develop its retail business through the provision of adapted products and services to meet ever increasing customer expectations.
Charles Kie, Chief Executive Officer (CEO), Banque Atlantique group, said, "We have chosen Citi as our Global Payments Partner due to their unrivalled network, technological advantage and superior customer service. Using a bank as opposed to a money transfer agency to send money home is a big shift in mind-set for consumers and industry alike. While many banks are reluctant to get involved, Citi has recognized that there is a big need not being serviced effectively by the banking community and has set up the infrastructure to manage an efficient remittance network on a global basis. Therefore, Citi is an ideal partner to facilitate our retail remittances as we continue to expand our reach in Africa, Europe and North America."
Citi QuikRemit will help the group to provide best-in-class remittance services to its customers and penetrate new markets in Africa. Citi QuikRemit’s software platform will provide Banque Atlantique with immediate scalability, comprehensive compliance capabilities and access to a global network. Citi is seen by the industry to be leading the way among banks to establish acceptable standards in terms of the time, cost and accuracy of transfers and the regulatory issues surrounding the collection and movement of money across borders.
Bhairav Trivedi, Managing Director, Global Head of Remittance Services, Citi, said "Citi is honoured to provide a comprehensive and innovative remittance solution that will provide the Banque Atlantique group with an industry-leading capability for its customers and partners. Remittance flows into Africa propelled by a general rise in foreign direct investment, commodity prices and immigration are steadily increasing and we are delighted to announce our first partnership in the region."
Facilitating Global Remittances has been one of Citi’s top 10 Cash Management initiatives since 2006. In February 2008, Citi acquired PayQuik, a US-based leading provider of remittance services. The acquisition adds enormous value to the solution set Citi offers its partners and clients bringing expanded network coverage, additional payment methods, more than 60 years of combined deep domain experience in the financial services and technology industries.
Global Transaction Services offers integrated cash management, trade, and securities and fund services to multinational corporations, financial institutions and public sector organizations around the world. With a network spanning over 100 countries, Citi's Global Transaction Services supports over 65,000 clients. As of the 2nd quarter of 08, it held on average $276 billion in liability balances and $12.8 trillion in assets under custody.
About Citi’s Institutional Clients Group:
Citi’s Institutional Clients Group serves corporate clients, governments and institutional investors around the world, providing expertise and innovative solutions in banking, markets, transaction services and alternative investments. With a history dating back nearly 200 years, Citi today has a global network that includes offices in 104 countries, trading desks in more than 80 countries and transaction services infrastructure covering 140 countries. Citi aims to be trusted advisor to our clients, to execute flawlessly, to strategically commit capital and to always focus on innovation.
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. Citi’s major brand names include Citibank, CitiFinancial, Primerica, Citi Smith Barney, Banamex and Nikko. Additional information may be found at www.citigroup.com or www.citi.com.
About The Banque Atlantique group The Banque Atlantique group is currently present in seven of the eight Francophone West African countries which constitute the UEMOA zone and will soon launch its operations in Cameroon. In 2006, the group embarked on an aggressive but well managed expansion of its service delivery channels to take banking to the door steps of existing as well as potential customers. This initiative has yielded positive results in terms of physical presence and growth in customer deposits. Our service delivery network witnessed a six-fold growth from just twelve (12) branches at the end of 2006 to seventy-four (74) at year end 2007. This is expected to increase to 150 branches at the end of 2008. Customer deposits have grown by over 200% over the same period. Within our short period of existence as a regional banking group, we have built a portfolio which encompasses customers from government and parastatal agencies, large multinational and local corporates, the embassies and non-governmental organisations, small to medium scale enterprises and retail customers.
We were the first to introduce suitable savings and asset finance products for the diaspora in France. These products are specially targeted at immigrants from the countries in which we operate. Refer to www.banqueatlantique.net or do an institutional search on www.bankersalmanac.com for more information on the Banque Atlantique group.