Citigroup Global Transaction Services (GTS) and Lloyds TSB Bank have joined forces in providing payments and cash management services in the UK. Under the terms of the deal, Citigroup GTS will utilise Lloyds TSB’s UK branch network and domestic payments capabilities to enhance the range of services offered by the US bank to corporate and institutional clients around the world. Meanwhile, Lloyds TSB will look to leverage the global reach of Citigroup GTS as one of its preferred providers of products in selected areas, using these to distinguish itself from domestic competitors and support the ever more international needs of its client base. Both parties will work together to provide end-to-end solutions for selected clients, including public sector clients, in the UK. Implementation of the new arrangement will begin immediately and both parties have committed themselves to identifying additional joint working opportunities in the transaction services space.
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