Citi Launches Renminbi Cash and Trade Solutions in the UK
London - May 31, 2012 – Citi launches full Renminbi (RMB) cash management and trade solutions in the UK. Through this new service, Citi will offer RMB accounts domiciled in the UK, including payments and collections capabilities, trade services and financing, along with FX transactions and hedging solutions.
This launch leverages the RMB internationalisation and the increasing importance of the city of London as a key offshore centre for RMB business. Citi’s comprehensive RMB services will help clients capitalize on this opportunity by making efficiency gains in liquidity management, and improving their supply chain relationships in China. Multinational clients can leverage Citi’s RMB solution to include China subsidiaries into their global and regional treasury centres. In addition, the new solution makes RMB FX management more efficient and transparent and allows clients the ability to hedge against adverse currency movements.
Rajesh Mehta, EMEA Head of Treasury & Trade Solutions, said: "EMEA is the second largest trade partner with China, and the European market is quick to adopt RMB denominated transactions. According to the SWIFT RMB Tracker, Europe currently represents 47% of RMB global payments, excluding China and Hong Kong. Our London platform is an ideal hub to roll-out our new RMB solution, thereby allowing our clients to gain better access to the Chinese market and capture new growth opportunities. We look forward to leveraging our global network as well as our strong local presence in China and Hong Kong to expand this solution to clients across Middle East and Africa."
Naveed Sultan, Global Head of Treasury & Trade Solutions, added: "This launch is a key milestone for us to support the growth of our clients globally. Our economists expect China to become the world’s biggest importer as well as the biggest country by trade value by 2015 and we want to help our clients access this growing market. By offering a wide range of RMB products and services, we demonstrate our commitment to support our clients’ business globally and help them embrace RMB in their trade and cash management practices."
Citi, the leading global financial services company, has approximately 200 million customer accounts and does business in more than 160 countries and jurisdictions. 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.
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About Transaction Services
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 95 countries, Citi’s Transaction Services supports over 65,000 clients. As of the first quarter of 2012, it held on average $377 billion in liability balances and $13 trillion in assets under custody.