CECA and Citigroup Sign Letter of Credit Processing Agreement
London & New York, 11 October 2004 – CECA (Confederacion Española del Cajas de Ahorros) and Citigroup have reached agreement for the private lable processing of CECA’s Asian letters of credit by Citigroup’s Asian operations. Under this landmark partnership agreement, Citigroup will provide processing services to CECA and also to those other members of the Spanish Confederation of Savings Banks who elect to join this program.
The goal of the program is that letters of credit will be issued and processed under the name of a company that will be clearly identified, with CECA using Citigroup’s award winning back office services.
Roberto Aleu Sanchez, Head of Capital Markets, Products and Services for CECA said: “We are pleased to be working with Citigroup as our partner. Citigroup proposed a tailored solution to handling our Asian trade business which will clearly meet CECA’s requirements.”
John Ahearn, Acting Head of Trade Services for Citigroup Global Transaction Services commented: “We are very excited about this opportunity with CECA and to enhance the already broad banking relationship of our two banks. The program we have agreed to undertake enables CECA and Citigroup to co-operate closely in a structure that benefits both parties, a true win-win situation.”
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.
About CECA
CECA acts as the Confederation for the 46 Spanish Savings Banks
representing the interests of the Sector in front of national and
international central authorities and organizations as well as provides
centralised services in the operational, technological and financial
core lines of business. The Spanish Savings Banks, with a network
of 20.893 branches, all of them directly linked to SWIFT, and with
total deposits amounting to EUR 398.746 million as at December,
31st 2003, control a market share of over 54% of the total financial
system in Spain.
