Citi to Issue Commercial Cards in Kuwait
London, Kuwait - December 3, 2012 – Citi, through its transaction services unit, is launching a commercial card offering in Kuwait to its local large corporate and multinational clients, thereby strengthening its commercial card offering throughout Europe, Middle-East and Africa (EMEA).
With Kuwait added to the list of issuing countries, Citi Commercial Cards are now available in over 100 countries, with local currency issuance in over 65 markets. The launch of Kuwait is part of Citi’s strategy of expanding its Cards business globally and brings a best-in-class product suite with unsurpassed global acceptance, globally consistent customer experience and the opportunity for clients to obtain greater visibility on their corporate spend.
Steve Robson, EMEA Head of Wholesale Cards, Citi Transaction Services, said: “It is a major achievement to add Kuwait to our global footprint. Our clients are looking more than ever for efficiencies and for a consistent offering across all markets and by expanding into Kuwait we are once again able to help them streamline the whole process of expense management and optimise their working capital position.”
Ozgur Kutay, Country Corporate Officer for Kuwait, has been working extensively with the Central Bank of Kuwait to ensure this innovative new product adheres to all the requirements of the local regulator while meeting Citi’s Clients’ global needs.
Nadeem Saleh, Head of Citi Transaction Services for Kuwait, added: “Offering the full suite of global Commercial Cards products is a great addition to the local offering and we are once more breaking new ground in Kuwait. Our corporate and public sector clients will benefit from a sophisticated global offering which addresses one of their biggest needs – efficiency in payments and processes.”
Citi® Commercial Cards: The proprietary issuance capabilities in over 100 countries including an unrivalled local currency footprint in over 65 markets, positions Citi as a preeminent commercial cards provider to large and multinational organizations worldwide. Citi’s Commercial Cards programs are used by nearly 500 multinational corporations at the core of their expense management strategy, making Citi a premier cards issuer in terms of technology, innovation and card volume.
Citi, the leading global bank, 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 Citi Transaction Services
Citi 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 third quarter of 2012, it held on average $415 billion in liability balances and $12.8 trillion in assets under custody.
About Citi® Commercial Card Solutions
Citi® Corporate Card – This employee card for travel and entertainment expenses is accepted in over 22 million outlets worldwide, wherever the user travels, with 24/7 customer service.
Citi® Central Travel Account – Held with your designated travel management company, this account simplifies and improves the ability to monitor and control costs.
Citi® Purchasing Card – Designed for a wide range of day-to-day business expenses, this card enables companies to streamline their purchasing process and ultimately negotiate more effectively with suppliers.
Citi® One Card
This versatile cards solution combines the Purchasing Card with the Corporate Card, enabling better management and expense control across the organization.
Citi® Virtual Card Account
A next-generation payments tool which increases transaction control and security. It enables organizations to generate unique virtual card numbers and dynamically set spending and reconciliation controls on each virtual card based on their specific purchasing need.
Citi® Meeting Card
Provides organizations with one flexible, efficient payment solution to help solve the challenge of making payments for meeting and events.