Citis Global Transaction Services business and U.S – based SunTrust Bank announced that they have entered into a trade alliance which will help serve the growing internationalneeds of SunTrusts corporate clients.
Serving the international product needs of our clients is of critical importance to SunTrust and we recognize the growing importance of international trade to our client base, says says Susanne Keough, Head of Global Trade Solutions, SunTrust. With the implementation of the agreement, we have enhanced our capability to deliver products and services on a global basis with Citi, and will benefit from their extensive expertise in the global trade and treasury businesses.
Under the arrangement, SunTrust is participating L/C confirmation risk to Citi, enabling the bank to expand market coverage for clients; is leveraging Citis operational trade processing capabilities to increase efficiencies and reduce product unit costs, and is expanding its service area in Asia using Citis Asian L/C Relay Program to facilitate standardized service levels, consistent pricing, and enhanced service for clients who import and their global suppliers. [Teaming] with Citi also allows SunTrust to deliver enhanced product capabilities includingthe ability to leverage a global banks trade product offerings, online capabilities and global in-market resources.
Global Transaction Services, a division of Citis 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 spanning over 100 countries, Citi’s Global Transaction Services supports over 65,000 clients. As of the 2nd quarter of 2009, it held on average $288 billion in liability balances and USD 11.1 trillion in assets under custody.
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