Citigroup Global Transaction Services (GTS) and Lloyds TSB Bank plc today announced a deal to join forces in providing payments and cash management services in the United Kingdom.
Under the terms of the deal, Citigroup GTS will utilise Lloyds TSB's unrivalled 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 product 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 United Kingdom.
Commenting on the deal, Mr Francesco Vanni d'Archirafi, Chief Executive Officer of Citigroup Global Transaction Services in EMEA said, "This deal is an example of our successful Borderless Banking approach which seeks to build "win-win" partnerships. We are able to leverage the domestic strengths of Lloyds TSB, a leading financial institution, while they are able to differentiate themselves by plugging into our unparalleled international network."
Mr Ernie Battey, Head of Transaction Services at Lloyds TSB said: "This is a unique tie-up between two leading banks – utilizing our domestic lead in UK cash management and Citigroup's international presence."
Mr Naveed Sultan, Head of EMEA Cash Management at Citigroup Global Transaction Services added, "This partnership with Lloyds TSB is a core part of our overall cash management strategy in Europe - we are very excited about the numerous further joint opportunities that will unfold over time."
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.