Citi has been awarded the regional cash management business by ABSG Consulting, a subsidiary of The American Bureau of Shipping Group (ABS).
Following this mandate, Citi will be the primary cash management bank for all ABS group companies in Asia.
Citi’s regional cash management services for ABSG Consulting includes electronic banking, ERP integration, real-time account reporting, centralised cross-border and domestic payments process for all countries into Singapore. Citi will also provides ABSG Consulting in-country collections services in eight Asian countries China, India, Japan, Korea, Malaysia, Singapore, Taiwan and Thailand.
The appointment of Citi as primary regional cash management bank will enable ABS to streamline its banking processes and enhance controls across the group. As part of the mandate, ABSG will establish a Finance Service Centre Asia Pacific Region in Singapore to centralise their banking processing from a single location.
ABS Group companies are present in over 32 countries worldwide and are an independent global provider of risk management services that combines industry experts, risk modeling, practical engineering and technology-based solutions in the geographic regions of United States of America, Latin America, Europe, the Middle East and Asia Pacific.
“In centralising ABSG Consulting’s cash management with Citi, we have completed the last piece of our regional cash puzzle. Regional dialogue and consultation played a key role in our decision as did consolidating our relationship from different banks in eight different markets to one quality provider,” says Simon Lim, regional finance director for Asia Pacific Region, ABS.
“The Citi team was very clear when mapping out the processes we required to achieve our objectives and we are very pleased to partner with them in Asia,” adds Winston Tan, finance director, ABSG Consulting, Asia Pacific.
“We are excited to be the primary cash management bank for ABS in Asia Pacific Region. This mandate reinforces Citi’s market leadership in providing Pan-Asia solutions to multi-national clients and our standing as the cash management bank of choice for the regional transportation and logistics industry,” says Sanjeev Chatrath, managing director, head of Regional Cash Management Sales, Global Transaction Services, Citi.