Citi Announces Yiting Shen as Head of Payments for Developing Currencies
Appointment reflects increased importance in clients’ payment structures
Dubai - September 16, 2013 – Citi has created a new position charged with enabling and supporting the commercialization of clearing product capabilities for the world's developing currencies, including the Chinese renminbi, Brazilian real, Russian ruble, and Indian rupee.
Yiting Shen has been named Head of Payments for developing currencies at Citi, based in New York.
The move comes as financial institutions around the world are requiring more and more access to currencies that were formerly considered exotic. Payment values in emerging currencies are growing rapidly as trade flows increase.
"Based on Citi's unique proprietary network and local market presence, its clearing volumes in these currencies have already seen significant growth," says Ebru Pakcan, Global Head of Payments for Citi. "The key objective of this role is to build upon Citi's strength in major currency clearing, and to create functional parity that exists today across US dollars, euro, and yen, with important developing currencies in a robust and scalable manner."
Prior to taking on this new role, Shen was the Head of Strategic Initiatives for Citi's Treasury and Trade Solutions Group, where she championed business model innovations for the firm.
Prior to joining Citi, Shen was an entrepreneur, co-founding an education consulting firm in China, worked with Booz & Company in London specializing in financial services with clients in Middle East, Africa, Korea, China, and India, and also worked in M&A with UBS based in New York. Shen holds an MBA from MIT Sloan School of Management, an MPA from Harvard Kennedy School of Government, an MS in Financial Engineering and a BS from Columbia University.
Citi Treasury and Trade Solutions' Financial Institutions Payments offering delivers more than $2 trillion in payments daily into 180 countries, across 130 currencies, on behalf of our clients. This comprehensive solution set helps to provide a globally consistent payments experience for our clients wherever they do business.
Citi provides the tools, experience and insights that help clients optimize their flows and navigate the risks associated with an increasingly complex yet interconnected international payments landscape. In recognition of its activity, Citi has been awarded the "Distinguished Provider of Transaction Banking Services" designation by FImetrix, LLC, a leading market research firm for Financial Institutions on the basis of an industry-wide analysis of customer satisfaction.
About Citi Treasury and Trade Solutions
Citi Treasury and Trade Solutions (TTS) enables our clients' success by providing an integrated suite of innovative and tailored cash management and trade finance services to multinational corporations, financial institutions and public sector organizations across the globe. Based on the foundation of the industry's largest proprietary network with banking licenses in over 100 countries and globally integrated technology platforms, TTS continues to lead the way in offering the industry's most comprehensive range of digitally enabled treasury, trade and liquidity management solutions.
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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