Citi provides global cash management solution to THAI
Thai Airways International (THAI) has awarded its global cash management mandate to Citi, for higher efficiency of its branch network which covers 44 countries globally.
Under this service, Citi is committed to providing three unique market innovations: a single card acquiring solution, global foreign exchange pricing and same day concentration of global cash to the Asia time zone. The service will start by the second quarter of 2012, to cash in on Citi's global network.
“As the national carrier and one of the world’s leading airlines, THAI has remained focused on transforming ourselves to become a leader, especially in operational efficiency. We would like to set a standard in implementation of best-in-class treasury strategies and improve liquidity management. The centralised working capital management approach will enable us to monitor and control all overseas funds more effectively," said THAI President Piyasvasti Amranand.
Citi was selected thanks to its long experience and good understanding of the airline segment’s requirements of cash management.
The global account foreign exchange solution provides flexibility for establishing centralised foreign exchange management and hedging, with easy access to analytical reports and cash flow forecasting. Citi also recommended THAI’s utilisation of a concentration account in Singapore to allow monitoring and automated cross-border sweeps which enables THAI to manage its global liquidity positions in the Asia time zone.
Darren Buckley, Citi Country Officer Thailand and Head of Institutional Clients Group, Citibank, Bangkok Branch, said that this mandate strengthens Citi and THAI’s long standing relationship which has spanned over two decades.
"We are delighted that THAI has decided to use our global network and we look forward to supporting THAI as it further grows and expands its business. We would like to thank THAI for their continued trust and partnership with Citi,” he said.
This year also marks the 11th anniversary of the Citi Royal Orchid Plus co-branded credit card, which is a key partnership between Citi and THAI. Citi has served THAI as its cash management bank for Asia since 2005, covering 17 countries. When THAI decided to seek a core bank to provide global cash management solution, Citi Thailand was able to offer an end-to-end solution that directly supported the working capital cycle needs of THAI in all 44 countries.
