Spain’s CECA (Confederacion Española del Cajas de Ahorros) and Citigroup have reached agreement for the private label processing of CECA’s Asian letters of credit by Citigroup’s Asian operations. Under the deal, Citigroup will provide processing services to CECA and also to those other members of the Spanish Confederation of Savings Banks who elect to join this program. Roberto Aleu Sanchez, Head of Capital Markets, Products and Services for CECA said: “We are pleased to be working with Citigroup as our partner. Citigroup proposed a tailored solution to handling our Asian trade business which will clearly meet CECA’s requirements.”
A report by broking group Marsh examines the repercussions from the administration of the South Korean company, which filed for bankruptcy protection at the end of August.
Global research by C2FO suggests that smaller businesses are less concerned with the repercussions of Brexit and the upcoming US presidential election.
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