Citi’s treasury and trade solutions (TTS) division has been appointed by Shell as its sole bank provider for cash management services across 16 countries in Europe.
Citi said that it will provide the global energy and petrochemicals company with a ‘single bank’ solution, providing full end to end visibility as well as control and optimisation of its cash management requirements throughout the region.
The bank already has a long-standing cash management relationship with Shell and the new mandate will expand it to include the delivery of cash management services across the region that support Shell’s euro, sterling and Swiss franc needs. These include a suite of several hundred operating accounts in the three currencies.
Citi will also support Shell with a range of domestic and cross border payment and collection instruments, including millions of single euro payment area (SEPA) card clearing transactions for Shell’s downstream retail business in Germany plus SEPA direct debits (SDDs) for customers across its downstream markets in 11 other countries.
To facilitate efficient working capital management for Shell, a zero balancing liquidity management solution will underpin these services, delivered through a fully integrated technology platform.
“Through the connectivity of our proprietary network we can offer Shell the visibility, consistency and safety of a single cash management bank in Western Europe, and drive more effective working capital management,” said Naveed Sultan, Citi’s global head of treasury and trade solutions.
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