Citi’s treasury and trade solutions unit, part of its global transaction services (GTS) business, has been selected by Korea-based Hyundai Motor Company to help improve the company’s cash management efficiency. Hyundai implemented an automated multi-currency notional pooling solution, provided by Citi, to monitor the cash management of its subsidiaries and maximise the utilisation of its internal cash surplus.
“We have developed very strong relationships with Hyundai Motor Company over 10 years of business across the globe,” said Sridhar Kanthadai, regional head of treasury and trade solutions for Asia-Pacific at Citi. “Winning this RFP (request for proposal) is both testament to the strength of this relationship, the consistent high quality of our services and solutions, and our ability to provide market leading cash management services to global and regional clients.”
Hyundai put out an RFP and Citi responded with a multi-entity and multi-currency notional pooling solution to help improve the company’s control, convenience, effectiveness and liquidity management.
The solution was successfully implemented earlier this month and according to Hyundai it is already taking advantage of the notional pooling reports which reflect the aggregated balances of their subsidiaries globally.
Citi GTS is a division of Citi’s institutional clients group and offers integrated cash management, trade and securities and funds services to multinational corporations, financial institutions and public sector organisations around the world.
Last week, Citi launched its CitiDirect BE Mobile solution in Asia-Pacific allowing clients to authorise payments on the move. It also expanded the availability of its eBam solution to 22 countries worldwide.