Sibos is a time when Citi shines a spotlight on the partnerships that have empowered our clients' successes, and 2009 was no different. We're pleased to have showcased several of our important collaborations again this year...
Agricultural Bank of China Partners with Citi for International Payments
For Agricultural Bank of China, the partnership will support check payments for 16 different currencies from a single Citi account. Aside from improving operational efficiency, Citi's on-site check solution will provide Agricultural Bank of China with fraud prevention upgrades, 24-hour foreign exchange capabilities, and daily foreign exchange spot rates. All checks issued through Citi's solution will be customized with Agricultural Bank of China's corporate logo.
SunTrust and Citi Announce International Trade Product Alliance
Citi's Global Transaction Services and U.S – based SunTrust Bank have entered into a trade alliance which will help serve the growing international needs of SunTrust's corporate clients. 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 supplier.
Kookmin Bank Partners With Citi For International Payments Processing
Citi's Bank Services Group, a division of Global Transaction Services, has been selected by South Korea's Kookmin Bank to enhance its international payments capabilities globally with Citi's International Payments Processing solution that supports a variety of exotic currencies.
Kookmin Bank will receive substantial payment enhancements by partnering with Citi. In particular, the partnership will enable significant efficiency improvements in terms of reconciliation and reporting, while also catering to the international requirements of its increasingly sophisticated client base. As a further benefit, Kookmin Bank will realize substantial cost benefits resulting from rationalizing expensive nostro accounts.
Pohjola Bank Group Appoints Citi To Provide Global Custody
Global Transaction Services business has been awarded a new mandate from Pohjola Bank Group. The Finnish financial services company which provides banking, asset management and non-life insurance services, has appointed Citi to provide a range of global custody services. In winning this significant appointment, Citi will provide global custody services to Pohjola Bank Group, globally. The mandate includes the safekeeping of assets and additional global custody services including performance measurement, compliance monitoring, investment administration and accounting. Furthermore, Pohjola Bank Group will have full access to Citi's whole suite of Securities Services capabilities.
Citi and Bank Of China Sign RMB Remittances Agreement
Citi's Global Transaction Services has entered into a Renminbi (RMB) remittance distribution agreement with Bank of China Limited. By partnering with Bank of China's New York branch, Citi can now offer clients RMB cross-border funds transfers to China. Under the deal, Citi will expand its remittance capability to its clients by offering RMB cross-border funds transfers for the first time. The link with Bank of China will open up the global remittance space into China for Citi, which had previously been limited to US dollar denominated transactions. Bank of China will benefit by providing Citi and its broad client base the ability to initiate RMB remittances to China. Bank of China will attract remittance flows to its China-based branches catering to client demands for enhanced remittance services.
