Penang Citi Transaction Services (Malaysia) Sdn Bhd (CTSM) officially launched its second premises at One Precinct, Penang. Officiated by the Chief Minister of Penang, Yang Amat Berhormat Lim Guan Eng, the center signifies Citi's continued investment to develop and grow its operations in the island state and re-establish Penang as a hub for financial services in Malaysia.
The center in Penang is the largest Citigroup regional Trade & Cash processing center, handling approximately 20 million transactions with a throughput of around US$5.8 trillion annually across the Trade & Cash business. Approximately 1,000 experienced professionals employed at the hub service the interests of clients in Asia, North America, Europe, Middle East and Africa.
Sanjeev Nanavati, Chief Executive Officer of Citibank Berhad, said: "Citigroup is recognized around the world as a leader in transaction processing. The launch of the second CTSM hub here in Penang cements our commitment to offer consistent yet flexible solutions at competitive costs to help our customers in Malaysia and around the globe to build capacity for growth."
CTSM began operations in Penang in 1993, and Citi was the first bank to select Malaysia as a location for its process outsourcing for financial services. The hub offers operations support to Trade and Cash management and Commercial Cards businesses of Citigroup. The hub services broad range of customers, including multinationals corporations and financial institutions, large corporations and small-and medium enterprises across the globe.
"At Citi, we serve an extensive client base with varying needs. CTSM is supported by the largest proprietary network in the world, covering over 100 countries with a corresponding network of 3,300 banks. Our strong capital base and comprehensive support network makes us a trusted and reliable financial shared services partner and enables us to effectively manage high-value trade finance transactions for our customers," added Sanjeev.
CTSM has been recognized with a number of awards, including the Prime Minister's Quality Award 2005, International Asia Pacific Quality Award 2008. Certified to ISO 9001 standard, the hub was also exemplified as a benchmark organization by the National Productivity Corporation for Best Practices in Quality Management & Services.
Citi, the leading global bank, 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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