Citi wins Semen Gresik mandate

The bank will provide the Indonesian cement producer with cash and treasury management services.
IndonesiaÆs largest cement producer Semen Gresik has appointed Citi to overhaul its cash and treasury management.

Under the terms of the appointment, Citi Indonesia, through Citi global transaction services, will set up a virtual account to enable efficient processing of its receivables. Semen Gresik will also adopt CitiDirect, the bankÆs web-based platform offering financial reporting, analytic tools, dynamic information and other online services. In addition, the bank will also provide Semen Gresik with a liquidity management solution.

ôSemen Gresik already serves 45% of IndonesiaÆs cement market and we are now ready to compete in the global market,ö said Dwi Soetjipto, president director of the company.

Cholil Hasan, finance director of Semen Gresik, said that before the company undertook further expansion, some restructuring was necessary as well as improving the quality of the companyÆs cash management in the corporate treasury sector.

ôWe hope through this cooperation, Citi Indonesia is able to support our plans. Through transfer of knowledge we will be able to improve the competency of our manpower in the corporate treasury sector,ö he added.
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