CITI AWARDED SPX REGIONAL CASH MANDATE
HONG KONG - Jan. 7 – Citi’s Global Transaction Services has been appointed by SPX Corporation (SPX), a global multi-industrial manufacturer, as its primary cash management bank across Asia Pacific. In its role of lead cash management bank for SPX in Asia Pacific, Citi will provide liquidity management solutions for the company across 11 markets consisting of Australia, Hong Kong, India, Japan, Korea, Malaysia, New Zealand, Philippines, Singapore, Taiwan and Thailand.
By partnering with Citi to enhance its cash management structure within a shared service center framework, SPX will receive numerous benefits. The company will receive full visibility of accounts, and standardized end-to-end processing of payables and receivables through a single bank.
For Citi, the mandate marks another regional landmark deal win in Asia Pacific, which was one of the largest deals tendered in 2008. The deal is also significant in further solidifying Citi's market leading position in servicing Asia Pacific's largest shared service centers.
Stephen Winslow, Assistant Treasurer of SPX Corporation said: "As we look to drive greater efficiencies in our regional cash management structure, we are very pleased to partner with Citi in Asia Pacific. We are confident that our relationship with Citi will produce strong results and leverage off its experience in servicing the region."
Ivo Distelbrink, Managing Director, Head of Regional Treasury and Trade Solutions Sales, Asia Pacific and Japan said: "Citi is extremely honored to partner with SPX Corporation in their drive to further optimize and standardize their regional cash management structure. Citi continues as the only one-stop shop for Asia Pacific’s largest shared service centers based on our proven technology and unique service model across all countries in the region."
About SPX Corporation
SPX is focused on providing solutions that support the expansion of global infrastructure, with particular emphasis on the growing worldwide demand for energy and power. Its innovative product portfolio, containing many energy efficient products, includes cooling systems for power plants throughout the world; custom engineered process equipment that assists a variety of flow processes including food and beverage manufacturing, oil and gas exploration, distribution and refinement and power generation; handheld diagnostic tools that aid in vehicle maintenance and repair; and power transformers that regulate voltage for electrical transmission and distribution by utility companies. SPX is headquartered in Charlotte, North Carolina and employs more than 17,000 people worldwide in over 35 countries. Visit www.spx.com. (NYSE: SPW)
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, Smith Barney, Banamex, and Nikko. Additional information may be found at www.citigroup.com or www.citi.com.