Deutsche Postbank AG Appoints Citigroup as Outsourcing Solution for Trade Finance Services
Postbank Appoints Citigroup's Outsourcing Solution for Trade Finance Services
24 November 2003, London & Frankfurt - Citigroup (NYSE:C) today announced its appointment by Deutsche Postbank AG in Germany for an outsourcing solution to provide trade finance services to its middle market customers throughout Germany as well as internationally. Deutsche Postbank AG is a subsidiary of Deutsche Post World Net.
Through the appointment of Citigroup as Postbank's trade services partner, Postbank can now offer integrated financial solutions with Deutsche Post World Net's logistics services. With the documentary collection and credit services, for example, Postbank undertakes the financing and payment guarantee while DHL, a division of Deutsche Post World Net, handles the express delivery of the documents and goods transportation worldwide. This gives the corporate customers of Deutsche Post World Net genuine 'one-stop-shopping' along the value chain of logistics and financial services, and from one source.
"I am delighted that Deutsche Postbank AG has appointed Citigroup Global Transaction Services, known for its global reach and product capabilities, to help us provision and distribute our trade finance services on a worldwide basis. This is further evidence of our strong growth and commitment to the financial logistic solutions global marketplace and yet another milestone in our business track record," said Stefan Jütte, Executive Board Member, Corporate Clients of Deutsche Postbank AG.
"We believe this is a unique outsourcing deal in the German marketplace, and one of the very few in this industry on a global basis. It is a great achievement for Citigroup Global Transaction Services," said William Royer, Global Sector Executive Industrials, Citigroup Global Transaction Services.
"Deutsche Post World Net has long been recognised as a leading provider of logistics solutions. Postbank, with some 360,000 corporate and business customers in Germany, is superbly positioned for the combination of trade finance and logistic solutions. We are honoured to be working with Deutsche Postbank AG in what promises to be an ideal partnership," said Francesco Vanni d'Archirafi, Chief Executive Officer, Citigroup Global Transaction Services, EMEA.
About Citigroup
Citigroup (NYSE: C), the preeminent global financial services company
with some 200 million customer accounts in more than 100 countries,
provides consumers, corporations, governments and institutions with
a broad range of financial products and services, including consumer
banking and credit, corporate and investment banking, insurance, securities
brokerage, and asset management. Major brand names under Citigroup's
trademark red umbrella include Citibank, CitiFinancial, Primerica,
Smith Barney, Banamex, and Travelers Life and Annuity. Additional
information may be found at: www.citigroup.com.
About Citigroup Global Transaction Services
Citigroup® Global Transaction Services is a leading provider of
integrated cash management, trade finance and securities services
for corporations, financial institutions, intermediaries and governments
around the world. With over $100 billion in average liability balances,
more than $5.5 trillion in assets under custody and the largest
proprietary branch network, Citigroup's award-winning operating
systems and Internet-based delivery channels enable clients to manage
and monitor working capital and investments more efficiently, streamline
transaction processing cycles, and re-engineer receivables and payment
processes. Citigroup® Global Transaction Services provides clients
with access to Citigroup's full range of capabilities and solutions
along with an on-the-ground presence and in-depth knowledge of more
than 90 local markets. For additional information, see www.transactionservices.citigroup.com.
Citigroup Global Transaction Services is part of Citigroup's global
corporate and investment banking group, which provides complete
financial solutions to corporations, governments and institutional
investors in more than 100 countries. Award-winning businesses include
corporate and investment banking, sales and trading, transaction
services, commercial finance and insurance products. Additional
information can be found at: www.citigroupgcib.com
About Deutsche Postbank AG
Postbank is the largest retail bank in Germany, with ten million
customers. In addition, it supports some 360,000 corporate and business
customers. The Postbank Group currently has around 10,000 employees.
For more information, visit www.postbank.de
About Deutsche Post World Net
Deutsche Post World Net is one of the largest high-performing logistics
providers in the world. With its brands Deutsche Post, DHL and Postbank,
the Group offers its customers a global mail, express and logistics
service as well as a wide range of financial services. The company
is thus excellently positioned on the way to becoming the global
number one in the express and logistics sector. Approximately 380,000
employees generated world-wide revenues of EUR39.3bn in 2002. Deutsche
Post World Net is listed on the Frankfurt stock exchange and is
a member of the DAX 30 index. For more information, visit www.deutschepost.de
