Citi wins cash mandate from NXP Semiconductors

Citi has been awarded a new mandate by NXP Semiconductors to provide a range of cash management services across Asia-Pacific.

The mandate covers NXP entities in Australia, Hong Kong, India, Japan, Korea, Malaysia, Philippines, Singapore, Taiwan and Thailand.

The mandate win will see NXP supplement its collection and payment solutions with a centralised cash pool for more effective liquidity management.

Ivo Distelbrink, head of cash and trade sales Asia-Pacific, says: "We addressed NXP's main objective of maximising liquidity from its Asia operations into NXP's London global treasury account. To do this we went well beyond the easy convertible countries and included US dollar liquidity from a number of traditionally more difficult countries into NXP's global liquidity structure."

NXP will be able to implement an automated just-in-time funding process across most countries in Asia that allows individual country units to focus on their core operations.

Based in the Netherlands, over 50% of NXP's global sales are driven from the Asia-Pacific region.

Founded by Philips more than 50 years ago, the company has over 37,000 employees in 20 countries. It creates semiconductors and software for a wide range of electronic devises including mobile phones, personal media players and TVs.