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FOR IMMEDIATE RELEASE Citigroup and ChemConnect Launch Financial Services for the World Chemical Exchange Through an alliance with Citibank e-Business, ChemConnect further advances global e-commerce opportunities throughout the entire chemicals, plastics, and industrial gases supply chainNew York, NY — Citibank e-Business, part of Citigroup (NYSE: C), the premier global financial services company, and ChemConnect, the largest global Internet marketplace for chemicals, plastics, and industrial gases, today announced a major strategic alliance that will integrate a suite of key financial services into the World Chemical Exchange. Together, the companies will offer the more than 11,000 World Chemical Exchange Members in 110 countries access to financial services provided by Citigroup as well as other financial service providers. The range of financial services will include credit facilities, escrow, and foreign exchange. "We are delighted to establish this ongoing partnership with ChemConnect, the clear leader in the chemicals B2B space," said Charlie Bohn, Global Head of Citibank's Chemicals and Pharmaceuticals Industry Group. "We view this relationship as an opportunity to expand support for the global chemicals industry as it moves aggressively into the new frontier of e-business." "The number one bank in the chemical industry and the number one B2B marketplace for chemicals have joined forces," said John K. Robinson, ChemConnect CEO. "We are supplementing the e-commerce efficiencies of buying and selling products online, in real time, on the World Chemical Exchange, with `click-through' access to core financial services. This is another major support capability that our Members need and that we will move quickly to implement." Under the strategic agreement, Citibank's Crossmar unit will implement a technology infrastructure that will give World Chemical Exchange Members integrated access to products and services from Citigroup and other financial institutions. This becomes increasingly important as World Chemical Exchange transactions continue to grow in volume and value. "This new infrastructure answers World Chemical Exchange Members' needs for integrated access to a diverse range of financial services, and offers them a choice of financial service providers," stated Sam Borenstein, President of Crossmar. "ChemConnect's leading e-marketplace is the perfect place for us to show companies how Web-enabled financial services can transform their financial and business processes by offering efficient services and products which operate across borders and among key trading partners," said Jorge Bermudez, Executive Vice President of Citibank e-Business. "This agreement with ChemConnect is an important milestone in the delivery of our strategy to be the financial services engine that powers B2B marketplaces and exchanges." Financial services Citibank, through its extensive network in over 100 countries, will offer World Chemical Exchange Members trade products, financing alternatives, member validation advisory services, and cash management services. Proposed financial services to be offered by Citibank and other financial service providers include:
# # # About Citigroup Citigroup (NYSE: C - news), the most global financial services company, provides some 100 million consumers, corporations, governments and institutions in over 100 countries with a broad range of financial products and services, including consumer banking and credit, corporate and investment banking, insurance, securities brokerage and asset management. The 1998 merger of Citicorp and Travelers Group brought together such brand names as Citibank, Travelers, Salomon Smith Barney, CitiFinancial and Primerica under Citigroup's trademark red umbrella. Additional information may be found at http://www.citigroup.com.
About CrossmarŽ
The CrossmarŽ service
About ChemConnect |