SunTrust and Citi Announce International Trade Product Alliance
ATLANTA/HONG KONG - September 15, 2009 – Citi's Global Transaction Services business and U.S – based SunTrust Bank announced today that they have entered into a trade alliance which will help serve the growing international needs of SunTrust's corporate clients.
"Serving the international product needs of our clients is of critical importance to SunTrust and we recognize the growing importance of international trade to our client base. With the implementation of the agreement, we have enhanced our capability to deliver products and services on a global basis with Citi, and will benefit from their extensive expertise in the global trade and treasury businesses," says Susanne Keough, Head of Global Trade Solutions at SunTrust.
Under the arrangement, SunTrust will share L/C confirmation risk with Citi, enabling SunTrust to expand market coverage for its clients; leverage Citi's operational trade processing capabilities to increase efficiencies and reduce product unit costs, and expand its service area in Asia using Citi's Asian L/C Relay Program to facilitate standardized service levels, consistent pricing, and enhanced service for clients who import and their global suppliers. Teaming with Citi also allows SunTrust to deliver enhanced product capabilities including the ability to leverage a global bank's trade product offerings, online capabilities and global in-market resources.
John Ahearn, Global Head of Trade at Citi's Global Transaction Services said, "By appointing Citi as a trade partner, SunTrust is enhancing its ability to support the international business needs of its clients, and expanding its market coverage by taking advantage of Citi's extensive global network."
Global Transaction Services, a division of Citi's Institutional Clients Group 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 2009, it held on average $288 billion in liability balances and $11.1 trillion in assets under custody.
Citi, the leading global financial services company, has approximately 200 million customer accounts and does business in more than 140 countries. Through its two operating units, Citicorp and Citi Holdings, Citi provides 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. Additional information may be found at www.citigroup.com or www.citi.com.
SunTrust Banks, Inc., headquartered in Atlanta, is one of the nation's largest banking organizations, serving a broad range of consumer, commercial, corporate and institutional clients. As of June 30, 2009, SunTrust had total assets of $176.7 billion and total deposits of $118.8 billion. The Company operates an extensive branch and ATM network throughout the high-growth Southeast and Mid-Atlantic States and a full array of technology-based, 24-hour delivery channels. The Company also serves clients in selected markets nationally. Its primary businesses include deposit, credit, trust and investment services. Through various subsidiaries the Company provides mortgage banking, insurance, brokerage, investment management, equipment leasing and capital markets services. SunTrust's Internet address is suntrust.com.