CITI AWARDED DIALOG TELEKOM CASH MANAGEMENT MANDATE
Hong Kong - November 20, 2009 – Citi’s Global Transaction Services has been named the primary cash management bank for Dialog Telekom PLC ("Dialog"). For Dialog, a subsidiary of Axiata Group Berhad (formerly known as TM International) and the largest mobile telecommunications operator in Sri Lanka, Citi will provide a suite of customized solutions to enhance its existing payments and receivables processes.
With this customized solution, Citi will leverage its technology and global product solutions to provide Dialog with a centralized payments and receivables "single window" solution to cater for its diverse vendor requirements. For both its local and international payments and receivables, Citi will also provide Dialog an automated reconciliation application to capture information for enhanced client operational efficiency and data enrichment.
By centralizing local and international payments and receivables and automating reconciliations, Dialog will receive numerous benefits. Firstly, through a customized and centralized solution, Dialog will realize substantial benefits in processing sales proceeds and greater control and visibility over its cash cycle. Additionally, by adopting Citi’s fully-integrated automated reconciliation solution, Dialog will require less resources for reconciliation processes, freeing up staff to focus on value-added services within the company.
The mandate is significant for Citi for several reasons. Foremost, it demonstrates Citi’s ability to not only provide comprehensive and tailored payments and receivables solutions, but also to integrate and tailor complex data enrichment information required for account reconciliation. The deal further underlines Citi’s commitment to the highest level of client service through an ongoing commitment to innovation and operational efficiency.
By winning this landmark mandate, Citi continues to build on its leadership position in providing the most unique and complex solutions to Sri Lanka’s telecommunications sector.
Vipula Gunatilleka, Group CFO at Dialog Telekom said, "We are pleased that in obtaining this solution, we have been able to significantly improve our operational efficiencies and obtain visibility to our cash flows within the parameters of our processes and requirements. This has only been possible through the strong and collaborative relationship we have built with Citi. Citi has truly been a partner to Dialog by providing an innovative and customised solution."
Dilshan Senevirante, Vice President, Head of Global Transaction Services for Sri Lanka said, "Citi continues to set the market standard in Sri Lanka, providing the leading domestic companies with the most innovative cash management solutions available. Partnering with Dialog reaffirms our leadership in the market and reinforces our commitment to servicing the most visible firms in Sri Lanka."
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 that spans more than 100 countries, Citi’s Global Transaction Services supports over 65,000 clients. As of the third quarter of 2009, it held on average $314 billion in liability balances and $11.8 trillion in assets under custody.
About Dialog Telecom
Dialog Telekom, a subsidiary of Axiata Group Berhad (formerly known as TM International), is the largest mobile phone operator in Sri Lanka with a subscriber base in excess of 5.85 million. Axiata Group, an emerging leader in Global Telecommunications, has operations in Malaysia, Sri Lanka, Indonesia, Cambodia,India, Bangladesh, Pakistan, Singapore, Iran and Thailand. It has a collective subscriber base in excess of 99 Million customers and is one of the 10 largest listed entities on the Kuala Lumpur Stock Exchange. Dialog accounts for 50% of the mobile operator market and has been in a pioneer in providing enhanced technology and value added services to Sri Lankan consumers. Currently the third largest company listed on the Colombo Stock Exchange in terms of market capitalisation, Dialog accounts for 6% of the total market value.
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, transaction services and wealth management. Additional information may be found at www.citigroup.com or www.citi.com.