Under the mandate, Andhra Bank will white label QuikRemit, Citi's customizable remittance platform for banks, corporations and money transfer organizations, to provide end-to-end remittance transfers to its customers between India and other global markets.

Using Citi's QuikRemit platform, Andhra Bank can offer its customers an easy-to-use service whereby they can efficiently and securely remit money from anywhere in the world to beneficiaries in India. This helps Andhra Bank enter strategic markets like Canada and the United Kingdom where there is are large Non-Resident Indian communities. Citi will also act as correspondent bank for Andhra Bank's international remittances business, and assist in clearing and collection of remittance flows.

Citi QuikRemit is a white labeled, customizable and easy to integrate remittance platform with distribution and foreign exchange capabilities in over 90 countries. The platform provides a wide range of options for origination and distribution instruments, including credit cards, debit cards and US-originating account debits using the Automated Clearing House (ACH) mechanisms.

This landmark deal is the first time Citi has white labeled a global remittance solution for a public sector bank in India and follows other significant wins for Global Transaction Services in the remittances business regionally.

R.S. Reddy, Chairman and Managing Director of Andhra Bank said: "Andhra Bank and Citi have a long-standing relationship that will only gain strength through this new alliance. By committing to this landmark partnership, we are extremely pleased to offer our clients premium global remittance services in India and globally, and leverage the experience of Citi."

Commenting on the partnership, Akash Rathke, Managing Director and Regional Head of Citi's Bank Services and Public Sector Groups said: "This is a significant achievement for Global Transaction Services in India, marking a major collablaboration between Citi and one of the largest nationwide public sector banks. We are proud to partner with such a progressive financial institution."

Ashish Bajaj, Managing Director, Global Transaction Services Head for India, Sri Lanka and Bangladesh said: "Citi is extremely honored to partner with Andhra Bank in the fast growing area of global remittances. Our endeavor is to constantly support Andhra Bank through our technology, solutions and expertise, in their effort to provide a first-in-class service to their customers and to maintain their leading edge by offering remittance services to their international and domestic customers."

Separately, Citi's Global Transaction Services announced today that it has been awarded a new mandate from Erste Group Bank. The Vienna-based banking group which serves more than 16 million clients in Central and Eastern Europe, has selected Citi to provide a single integrated electronic execution and custody solution, which combines Citi's trade life cycle including order to trade, to settlement automation platform and on to Citi's award-winning proprietary custody branch network.

Citi launched Citi (R) Execution to Custody in the EMEA region in June 2008, targeting market intermediaries to address client demand for post-MIFID solutions. The Citi (R) Execution to Custody service provides a single counterparty to execute, settle and provide custody in all major execution markets worldwide. Through the linking of Citi's capital markets and securities capabilities, Citi provides clients like Erste with a premium service, removing the operational inefficiencies and risks that come from dealing with multiple providers.

Citi continues to be noted as a top rated broker and custodian with an expanding network of execution venues and the largest proprietary custody market. Citi (R) Execution to Custody offers Erste Group Bank an end-to-end offering of global equity market executions, algorithms, DMA, smart routing trade processing/aggregation, global and domestic markets clearing, settlement, asset servicing, regulatory and position reporting, statements/billing and client support. The ability to provide integrated services in multiple markets built on a single infrastructure with a standardised setup positions Citi to best serve clients with Direct and Global Custody needs.

Alexander Schleifer, Head of Custody and Network Management at Erste Group Bank said, "Erste´s choice of Citi´s custody solution will bring the optimal cooperation between Erste Group Bank with its unbeaten footprint in Central and Eastern Europe and Citi with its global footprint and its brokerage and custodial capabilities in the US."

Andrew Gelb, Managing Director and Regional Head of EMEA Securities and Funds Services (SFS), Citi said, "The opportunity to work with a bank as prestigious as Erste Group Bank is one that we are extremely pleased about. The appointment by Erste Group Bank underscores our commitment to provide our clients with innovative solutions through our extensive resources, technology, expertise and global reach. Citi continues to be a market leader in smart ordering and asset routing by acting as a single counterparty to execute, settle and provide custody in all major execution venues.