Oil giant Shell has chosen the one cash management services provider that will handle the company’s money management from here on out.
In an announcement this week (Sept. 15), Shell revealed Citi’s Treasury and Trade Solutions has been tapped as its sole cash flow management partner. The bank will offer Shell a “single bank” solution to provide a holistic cash flow management service from a single provider for Shell’s operations across 16 European nations.
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“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 Citi Global Head of Treasury and Trade Solutions Naveed Sultan in a statement.
Citi and Shell had already struck a partnership. But according to the companies, this new appointment will expand Citi’s relationship to provide region-wide cash management solutions. This includes the handling of foreign exchange management, as Shell operates in the euro, sterling and Swiss franc, reports said.
The firms added that Citi will help manage “several hundred” accounts for Shell.
Citi’s corporate services have seen an array of developments in the last year. For example, last October, the bank introduced the Citi Integrated Payables Solutions to provide financial data analytics, advisory and payment services for business clients.
“The launch of Integrated Payables Solutions will benefit our clients greatly, allowing them to identify new opportunities to create value within their business systems,” Sultan said in a statement at the time. “Citi is among the industry leaders in designing adjacent and disruptive solutions that not only create significant value for our clients but continue to scale globally to transition banking to a digital world.”
Citi’s treasury and cash management systems were named as the best on the market in 2011 by Global Finance.