Citi Launches eSource Center for Banks

Citi® today announced the launch of the eSource Center for Banks, the first on-line information portal that harnesses the collective knowledge of its global and local market experts to deliver valuable market and product information to its correspondent bank clients. This information channel was developed in direct response to clients’ needs to help identify market opportunities and access tools to support business decisions. The eSource Center for Banks provides insights on markets, regulations, and banking trends.

"We approach the correspondent banking market as a strategic partnership between Citi and our clients. And we focus on the holistic experience clients have when they do business with us. We believe that adding value as a strategic partner is more than delivering best-in-class products and service, it's about harnessing the knowledge and expertise of the individuals that make up Citi. The eSource Center is designed to deliver the value of our network to our clients to help them stay informed in our changing market and provide tools to support better business decisions,” says Bharat Sarpeshkar, Global Head of Bank Services at Citi’s Global Transaction Services.

According to FImetrix, the leading provider of market research and consulting in the field of international financial services, the correspondent bank market is changing. David Burnett, CEO of FImetrix, says, “Firms are now looking to their transaction providers for thought leadership, market and product knowledge delivery. Syndicated regional surveys of more than 600 banks across all geographies indicate that satisfaction levels tend to be higher amongst service providers who offer training and share market knowledge with their clients.”

The eSource Center for Banks is being unveiled at Sibos 2011. Its content includes information on doing business in different geographies and displays standard market practice in more than 100 countries in the form of Country Profiles, created by local teams with deep knowledge of the financial infrastructure. Also available is information on regulatory and infrastructure change, updated quarterly by Citi’s Market Policy team. This information provides insights on the impact of new financial regulations, commentary on potential future change, and advice as to how Citi is managing change. The eSource Center for Banks highlights Citi’s training opportunities through its robust on-line training facility, Online Academy, and in-person events and classes held throughout the world. Opinion articles, fixed income and currency research, video commentary, and recorded training sessions deliver information at the convenience of the user.

Global Transaction Services, a division of Citi’s Institutional Clients Group, offers integrated cash management, trade, and securities and fund services to multinational corporations, financial institutions and public sector organizations around the world. With a network that spans more than 100 countries, Citigroup’s Global Transaction Services business supports over 65,000 clients. As of the second quarter of 2011, it held on average $365 billion in liability balances and $13.5 trillion in assets under custody.

About Citi

Citi, the leading global financial services company, has approximately 200 million customer accounts and does business in more than 160 countries and jurisdictions. Citi provides consumers, corporations, governments and institutions with a broad range of financial products and services, including consumer banking and credit, corporate and investment banking, securities brokerage, transaction services, and wealth management.

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