Citi selected by Shell as its sole provider of cash management services in Europe

  • New mandate cements Citi’s position as leading provider for multinational clients seeking full scale regional cash management solutions across Europe

London: Citi’s Treasury and Trade Solutions (TTS) division today announced that it has been appointed by Shell as its sole bank provider for cash management services across 16 countries in Europe.

Citi will provide Shell 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.

Citi already has a long-standing cash management relationship with the global energy and petrochemicals company. The new mandate will expand the relationship to include the delivery of cash management services across the region to 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 an extensive range of domestic and cross border payment and collection instruments, including millions of SEPA card clearing transactions for Shell’s downstream retail business in Germany plus SEPA direct debits 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.

Naveed Sultan, Citi’s Global Head of Treasury and Trade Solutions, commented: “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.”

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