Citigroup Global Transaction Services has joined forces with Lloyds TSB to provide a payments network and cash management services in the UK.
Under the terms of the deal, Citigroup GTS will use Lloyds TSB’s UK branch network and domestic payments capabilities to enhance the range of services offered by the US bank to corporate and institutional clients around the world.
For its part, Lloyds TSB aims to leverage the global reach of Citigroup as “one of its preferred providers of product in selected areas, using these to distinguish itself from domestic competitors and support the ever more international needs of its client base.”
“This deal is an example of our successful Borderless Banking approach which seeks to build `win-win’ partnerships,” explains Francesco Vanni d’Archirafi, Chief Executive Officer of Citigroup Global Transaction Services in EMEA. “We are able to leverage the domestic strengths of Lloyds TSB, a leading financial institution, while they are able to differentiate themselves by plugging into our unparalleled international network.”
Ernie Battey, Head of Transaction Services at Lloyds TSB describes the deal as “a unique tie-up between two leading banks – utilizing our domestic lead in UK cash management and Citigroup’s international presence.”
Naveed Sultan, Head of EMEA Cash Management at Citigroup Global Transaction Services, says the partnership is a “core part” of the bank’s cash management strategy for Europe.
Implementation of the new arrangement will begin immediately and both parties have committed themselves to identifying additional joint working opportunities in transaction services.