Citi picks up six cash management mandates

Citigroup's regional cash management business has improved its standing with the announcement of six mandates coming from both global and regional customers in the Asia-Pacific market. According to Citi, the signing ceremonies were completed in early May in Sinagpore and the six new business contracts come from such diverse sectors as information technology to agriculture business.

Amongst the regional mandates landed by Citi are CA Corporation, one of the world’s largest IT management software providers; Monsanto Singapore, a leading provider of agricultural products and integrated solutions; Avago Technologies, the largest privately held semiconductor company in the world; and StarHub, the second largest mobile provider in Singapore.

"We are very pleased to provide the solutions which empower treasurers to gain visibility and have control of their financial positions," says Anthony Nappi, Asia Pacific CEO of global transaction services at Citigroup Corporate and Investment Banking.

The companies themselves also appear satisfied with the arrangement, in particular with the access provided by Citigroup to cash management's current buzz sub-sector, the shared service centre. One of the companies keen to use Citi's expertise in this field is Monsanto, which recently appointed the bank as its cash manager for its Asia-Pacific shared service centre.

"Citigroup is an extremely proactive partner in our successful endeavour to start our shared services centre in India," says Sandeep Kulkarni, Asia-Pacific regional controller of Monsanto. "Citigroup added value throughout the entire process, starting from the design and conceptualisation of the centre’s activities right through to a successful launch of the activities at the centre."