Lloyds TSB to Implement Citibank ® CLS® Settlement Service
Lloyd's TSB to use Citibank® CLS® Settlement Services
London and New York, 11 October
2004 – Lloyds TSB have selected Citigroup as their
Continuous Linked Settlement services provider, which will enable
them to settle foreign exchange transactions through CLS Bank. Lloyds
TSB plans to go live by the first quarter of 2005.
Lloyds TSB will use Citibank® CLS® Settlement
Services for trade matching, automated funding, reconciliation and
access to real-time activity reporting in foreign exchange (FX)
trading. This solution will help Lloyds TSB to reduce settlement
risk, gain greater efficiencies and increase access to intraday
liquidity.
“As a leading provider of services to the third party market, we tailor our service to each clients’ unique needs. We are delighted that Lloyds TSB has chosen us for this key service and look forward to delivering a solution that allows this important client to gain maximum efficiency in their FX processing,” said Matt Hodgson, Vice President, Citigroup Global Transaction Services.
Citigroup has nearly 50 client mandates in Asia, North America, Europe and Africa supporting banks, broker/dealers, corporations and fund managers and is a market leader in providing CLS settlement services to third parties in Europe and globally.
CLS and the CLS logo are registered trademarks of CLS UK Intermediate Holdings Ltd.
About Citigroup
Citigroup (NYSE: C), the preeminent global financial services company
has some 200 million customer accounts and does business in more
than 100 countries, providing 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, securities and fund services and
commercial card solutions to corporations, financial institutions
and governments around the world. With over US$ 115 billion in average
liability balances, more than US$ 6.7 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 100 local markets. For additional information,
see www.transactionservices.citigroup.com.
