Citis Global Transaction Services has been appointed by SPX Corporation (SPX), a multi-industrial manufacturer, as its primary cash management bank across Asia Pacific. In its role of lead cash management bank for SPX in Asia Pacific, Citi will provide liquidity management solutions for the company across 11 markets consisting of Australia, Hong Kong, India, Japan, Korea, Malaysia, New Zealand, Philippines, Singapore, Taiwan and Thailand.
By partnering with Citi to enhance its cash management structure within a shared service center framework, SPX will receive numerous benefits. The company will receive full visibility of accounts, and standardized end-to-end processing of payables and receivables through a single bank.
For Citi, the mandate marks another regional landmark deal win in Asia Pacific, which was one of the largest deals tendered in 2008. The deal is also significant in further solidifying Citis market leading position in servicing Asia Pacifics largest shared service centers
As we look to drive greater efficiencies in our regional cash management structure, we are very pleased to partner with Citi in Asia Pacific, says Stephen Winslow, assistant treasurer of SPX Corporation. We are confident that our relationship with Citi will produce strong results and leverage off its experience in servicing the region.
Citi is extremely honored to partner with SPX Corporation in their drive to further optimize and standardize their regional cash management structure, says Ivo Distelbrink, managing director, head of regional treasury and trade solutions sales, Asia Pacific and Japan. Citi continues as the only one-stop shop for Asia Pacifics largest shared service centers based on our proven technology and unique service model across all countries in the region.
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