Citis Global Transaction Services (GTS) has entered into a strategic agreement for global treasury management with China Petrochemical Corporation (Sinopec).
Sinopec is Chinas largest oil refiner and second largest crude oil and gas producer.
This collaboration will see Citi replicating a treasury management system with Sinopecs global partners across complex markets, enabling the company to reduce risk while maximizing returns. Citis Treasury and Trade Solutions enabled Sinopec to replicate its centralized China treasury management system in its overseas operations. The service provider integrated 38 decentralized Sinopec operations worldwide and more than 1,000 accounts with 100 banks. This resulted in better visibility into account information and tighter control of account activities, said Citi.
Services to be provided under the agreement include cross-border cash pooling, trade finance, and agency and trust services for acquisitions. Additionally, Citi will provide Sinopec with accounts visibility and global service support.
Following the Memorandum of Understanding signed between Sinopec and Citi, both parties are currently working on the implementation details.
(JDC)