We provide global solutions that can help clients drive their business forward while investing in innovation to bring new solutions to life.

Services

Case Study

Lenovo’s treasury team facilitates ratings upgrade in turbulent timesLenovo’s treasury team is primarily based in Singapore, with satellite functions in China, USA, Brazil, Hong Kong and various locations in Europe. The team manages an average cash balance of US$3.9bn, US$3.8bn of debt and US$0.5bn of operating cash flow (averages over the past 18 months from its 2024 June-end quarter) across circa 300 entities and more than 30 manufacturing sites in nine countries. The team manages relationships with more than 50 banking partners, and approximately 1,500 bank accounts in more than 50 currencies.&nbsp;Challenges and S&amp;P upgradeIn 2023, due to the broad industry weakness, Lenovo encountered a setback in revenue and net profit. This imposed challenges on the global treasury team to plan and manage overall working capital to ensure obligations are met and costs are managed at an appropriate level. To overcome these challenges, treasury shifted to a more conservative liquidity management strategy to have ample buffers when times are difficult. As a result, Lenovo maintains a net cash position for the bulk of the down cycle. It strengthened, expanded and diversified the number of banking partners and cash supply via various channels; a testament to its ability to raise funds that exemplifies its broad and deep access to liquidity due to its solid credit rating and reputation.Driving fundamental working capital&nbsp;improvements&nbsp;Beyond the established cash flow forecasting process, the team went beyond the traditional treasury scope and took a proactive approach to provide the business groups with guidance on how to support and improve cash generation within each of its three business groups. For example, working actively with the procurement team to speed up the credit note application process and lengthening payment terms in 2024.&nbsp;The team set-up more robust collection practices by reviewing collection efficiency trends on a weekly basis to speed up the collection of cash throughout the company.&nbsp;It also revamped the company wide payment cycle to ensure a better match between collections and payments to match the collections window to the payments window weekly.&nbsp;The efficiency of the cash pooling was further enhanced by reducing the buffer cash levels in its local sales and distribution entities.Driving digital transformation – narrow inefficiencies and drive data intelligence&nbsp;These include:<ol style="list-style-type:decimal;"><li>The Lenovo team is continuously driving improvements in its ERP system, from procurement initiation to payment process.</li><li>Deeper integration of banking system internally improved payment process efficiency and mitigated operation risk with trackable data source for payments.</li><li>Improvements in treasury dashboards to give detailed analysis to drive better working capital efficiency.</li></ol>Liquidity management – diversification of&nbsp;funding sources&nbsp;Regional diversification through the set-up of US$1bn of RCF facilities with a debut Middle East-focused US$500m syndicated RCF (December 2023) and a new Asia-focus bilateral RCF of US$500m (January 2024) and both are originated at more favorable rates. Lenovo also increased the use of overdraft facilities towards the last quarter of the FY2024 to capture lower borrowing costs and to better match its cash need timeline.Driving risk mitigation actions from enhancing insurance policy&nbsp;The treasury team worked with local teams to implement risk improvements that enhance risk quality and lower loss expectancy of key manufacturing plants, enabling a meaningful uplift in the property insurance policy limit and&nbsp;yet at a few percentage points rate reduction for the next renewal.Initiated the zero-coupon CB deal in MEA that not only aligns with ESG goals but also saves finance cash cost:<ul style="list-style-type:disc;"><li>In May 2024, Lenovo’s treasurer was involved in the structuring of the US$2bn zero coupon convertible bond issuance and the treasury team was involved in the diligence process with ALAT to help them understand the company’s financial and business profile. Lenovo’s Treasurer and Assistant Treasurer also acted as the overseer of the deal execution by managing the process and directing resources within Lenovo (eg legal, accounting, PR).</li><li>Lenovo treasury team was also responsible for the settlement and funds flow process required to complete the convertible bond issuance.</li><li>This resulted not only in the partnership with ALAT, but&nbsp;also allowed Lenovo to establish new banking relationships with a group of Middle Eastern banks.</li><li>Partnership with ALAT would involve building green manufacturing facilities in the MEA.</li></ul>Impressive benefits<ul style="list-style-type:disc;"><li>Cost savings.</li><li>Process efficiencies.</li><li>Increased automation.</li><li>Risk mitigated.</li><li>Improved visibility.</li><li>Errors reduced.</li><li>Manual intervention reduced.</li><li>Increased system connectivity.</li><li>Future-proof solution.</li><li>Exceptional implementation (budget/time).</li><li>Improved key performance indicator (KPI) metrics.</li></ul>Lenovo’s Global Treasury Team extends beyond traditional Treasury functions and responsibilities, and now has oversight over other important functions such as M&amp;A, credit and insurance involving a team of over 200 people to effectively oversee Lenovo’s global scale. Moreover, treasury is also driving the ESG investor engagement for Lenovo, organized annual ESG Investor Day.&nbsp;The company has strong banking partners to help support it’s various cash requirements.&nbsp;Lenovo’s Treasurer &amp; Assistant Treasurer are driving all funding aspects of the company, including the US$500m RCF from new middle eastern banks and also the US$2bn convertible bond to the&nbsp;ALAT.As a result of treasury’s resilient liquidity management, S&amp;P upgraded Lenovo’s issuer rating to BBB from BBB- in September 2023 towards the end of the industry downcycle. This is a testament to Lenovo’s excellence in treasury management to lead the company through tough times and still be able to maintain a strong credit profile and funding ability.&nbsp;Lenovo’s Treasury has come a long way since it was recognized back in 2017 as our Top Treasury Team. This latest achievement is yet further evidence of the company’s commitment to continuous improvement within its treasury function.Download the PDF <a href="/rcs/citigpa/storage/public/asaa_lenovo.pdf" target="_blank">here</a>.

Lenovo’s treasury team facilitates ratings upgrade in turbulent times.

Adam Smith Awards Case Study: Lenovo Group Limited  

Distribution finance program improves Dow Chemical's working capitalThe challenge&nbsp;In today’s fast-changing economic environment, effective working capital management and maintaining a healthy cash flow have become increasingly challenging for treasury management. These are crucial not only for supporting business growth but also for providing flexibility needed to navigate unforeseen complexities and to capitalize on emerging opportunities. As business volume continues to grow in APAC, the Dow regional treasury team has been committed to exploring innovative solutions for optimizing working capital.&nbsp;The solution&nbsp;In partnership with Citi, Dow launched the inaugural Distribution Finance (DF) Program in March 2024 in Singapore and China. This is an innovative and sophisticated solution of synthetic securitization to optimize working capital and support business growth, offering a more advanced solution compared to other traditional account receivable programs.&nbsp;The underlying logic is the sale of receivables from a group of buyers as a portfolio solution. Given the large pool and diversified risk, the solution leverages an innovative risk management by applying statistic modelling and risk sharing between Citi and Dow without credit insurance.&nbsp;Citi purchases the Account Receivables of the entire portfolio and collects payment at a future maturity date by appointing Dow as the collection agent. The solution enables the company to generate cash flows earlier, shortening the cash conversion cycle, reducing DSO, and optimizing working capital in a systematic way.&nbsp;The portfolio approach allows quick expansion of the program, minimizing operational burden and customer&nbsp;interference.&nbsp;With this, Dow was able to quickly achieve a program size with an aggregated amount of US$127m within three months and expand further to US$359m within six months, covering multiple selling entities across Asia Pacific.Best practice and innovation&nbsp;Time-to-market was critical to the success of this transaction. The Dow APAC Treasury team was able to identify the opportunities and implement the innovative solution in just three months across two markets. The initial discussion started in December 2023, with the first batch of funding released in March 2024.&nbsp;At every stage of the implementation, the team has shown best practice in dealing with the complexities of the regional treasury and country laws. By leveraging an excellent, collaborative working relationship across multiple functions such as sales, credit, accounting, invoicing, and legal team, and Citi’s DF solution, ensured a strong partnership was quickly forged.Key benefits<ul style="list-style-type:disc;"><li>Working capital improvement.</li><li>Economic of Scales.</li><li>Risk mitigation.</li><li>Automation via digital platform.</li><li>Operational efficiency and flexibility.&nbsp;</li></ul>“We have been delighted with the success of our DF program and the commitment and partnership shown by Citi and the cooperation between multiple functions at Dow. We look forward to Citi’s ongoing support to expand the program further and appreciate their flexibility, quick implementation and benefits,” says Shirley Chen, APAC Treasury Director.Download the PDF <a href="/rcs/citigpa/storage/public/asaa_dow_chemical_investment.pdf" target="_blank">here</a>.

Citi's distribution finance program improves Dow Chemical's working capital.

Adam Smith Awards Case Study: Dow Chemical (China) Investment Co Ltd 

French auto group, Valeo, commits to gender equality in novel deposit solution.The challengeValeo Group’s ESG targets include carbon neutrality by 2050. By 2030, as a mid-term objective, Valeo plans to have reduced its greenhouse gas emissions from multiple dimensions, including by 75% in its operations and a 15%&nbsp;target reduction in its upstream and downstream value&nbsp;chains.&nbsp;In China, Valeo has enjoyed 30 years of continuous growth. It has 35 production sites, located in different provinces and cities across China. Due to the nature of the auto industry, the company deals with imports and exports with more than 1,000 overseas clients and suppliers around the globe.Valeo’s core aims:<ul style="list-style-type:disc;"><li>Contribution to ESG ambitions from dedicated projects. Valeo was looking for opportunities to utilize certain portions of their deposit interest income to support United Nations sustainable development goals (SDGs) related purposes. In addition, Valeo would prefer to provide support to activities and projects that are aligned with its broader corporate goals.</li><li>Contribution to carbon neutrality from operational flows, which is mainly related to cross-border payments and bank acceptance draft (BAD) handling.</li><li>For cross-border payments, the shared service center (SSC) of Valeo China manages over 15,000 cross-border transactions, consisting of USD, EUR, JPY and CNY. This includes currency conversions, cross-border payments and collections, with much manual work executed by the local team to prepare and present supporting documents to the bank’s e-banking platform.</li><li>For BADs handling, the core target is to eliminate paper-handling and delivery work on BADs issuance. Valeo China SSC handles around 20,000 BADs annually, as BADs is a common payment instrument in the mobility industry. For BADs issuance, they must deliver hardcopies of supporting documents including sales contracts and invoices to its bank, Citi, to fulfil regulatory requirements.</li></ul>The solutionIn mid-2024 Citi China launched a solution called Contribution Deposit, which is a demand deposit account (DDA) whereby Valeo is given the option to choose a portion of its interest income to contribute towards SDG 5 – gender equality.&nbsp;To enroll in such a product, Valeo only needs to have a DDA with Citi China and submit the application form to confirm contribution related elements. Contribution Deposit operates on existing Citi China’s capacity and the additional contribution feature will not change Valeo’s use of its demand deposit service. Valeo is provided with the flexibility to decide its preferred contribution period without exceeding the product timeframe. The contributed interest will be automatically calculated during Valeo’s confirmed contribution period and consolidated by Citi China for further payment to the United Nations Entity for Gender Equality and The Empowerment of Women (UN Women).Best practice and innovationThe launch of Contribution Deposit, a first in China, involves the collaboration of Citi China – working as Valeo’s agent – and the UN Women targets that women and girls can benefit from equitable and gender-responsive laws, policies, budgets, services and&nbsp;accountable institutions that reduce gender inequality in&nbsp;China.This solution facilitates the philanthropic actions of Valeo, without depending on Valeo’s ESG ratings or performance, as long as Valeo is not engaged or involved in industries or activities that are considered exclusionary criteria for partnership by UN Women.Key benefits<ul style="list-style-type:disc;"><li>Cost savings.</li><li>Process efficiency.</li><li>Increased automation.</li><li>Manual intervention reduced.</li><li>Increased system connectivity.</li><li>Exceptional implementation (budget/time).</li></ul>&nbsp;Download the PDF <a href="/rcs/citigpa/storage/public/asaa_valeo.pdf" target="_blank">here</a>.

Valeo China has made a bold move in its ESG journey by contributing a portion of deposit interest income to support the UN’s Gender Equality and Women’s Empowerment goals. In collaboration with Citi, their innovative Contribution Deposit solution also strengthens Valeo’s carbon neutrality targets and streamlines cross-border payments.&nbsp;

Adam Smith Awards Case Study: Valeo

How a blank canvas redrew treasury at ChugaiThe challengeIn October 2002, Chugai Pharmaceutical Co., Ltd (Chugai) merged with Nippon Roche based on a strategic alliance agreement with Roche. However, unlike typical mergers, the company name and CEO of Chugai were not changed, and the agreement allowed Chugai to maintain its management autonomy. In addition, both parties agreed to cooperate to keep Chugai a listed company on the Prime Market of the Tokyo Stock Exchange.Twenty years after the alliance agreement, Chugai joined one of Roche’s global projects. Upon the decision on the go-live date, it was evident Chugai would need to align with the Roche concept of centralization and global business processes. The respective treasury departments embarked on a transformation journey to put into practice, via infrastructure, and business process, the spirit of the Chugai/Roche relationship, the balance of synergy and autonomy. Chugai’s set-up was fundamentally different to that of Roche and radical change was necessary.The solutionChugai and Roche commenced the treasury transformation project in October 2023.The project started with a blank canvas – the challenge was to openly discuss the elephant in the room. What is possible? How far can we go? What about hardware differences? The task ahead to implement a treasury fit for the globalized future, with the additional complexity of autonomy was tremendous.From the sub-projects identified, the solutions that came to fruition are as follows:Established Chugai with a Swift BIC Code – in order for Chugai to prepare for the foreign group companies to utilize the centralized connectivity, the company had to transition from its existing domestic connectivity to the global standard, Swift.&nbsp;Onboarding a new global bank – with cash pooling to be implemented, Chugai began its request for proposal (RFP) in October, finalized it in January and the project implementation started immediately.<ul style="list-style-type:disc;"><li>Established Swift BIC to BIC file exchange in ISO 20022 XML/V3 including CAMT 053 instead of Zengin.</li><li>Piloted file exchange for Japanese local tax payments via FileAct.</li><li>Created MT101 from ERP leveraging a new technique via DMEE tree in preparation for Interact.</li></ul>Transformed current processes with the local bank<ul style="list-style-type:disc;"><li>Converted from Zengin based payment file exchange to ISO 20022 XML/V9.</li><li>Converted salary/bonus flows from local EDI connection to Swift.</li><li>Receive and ingest in the ERP, CAMT 053.</li></ul>Implemented a Fiori based electronic banking system (eIHB) – payment functionality can be accessed via the Fiori based system to prevent direct access to the third bank’s electronic banking. Due to high security standards, the system can only be accessed from Roche laptops. The two IT teams, Chugai and Roche, joined forces to implement a certificate-based solution bridging to the ERP, enabling access while ensuring security.Established centralized cash management in the ERP – the base of cash visibility encompassing all bank balances, as well as treasury schedule, and other incoming/outgoing flows allows for centralized cash management.&nbsp;<ul style="list-style-type:disc;"><li>Automated MT101 creation via ERP system for bank-to-bank transfers and treasury products.</li></ul>Best practice and innovationEvery member of the Chugai treasury team contributed significantly to the transformation project. “We harnessed the power of technology and implemented innovative solutions. The blank canvas to the present state happened in a short span of just ten months,” explains Yoshihiro Hayase, Treasurer.Behind the multiple achievements lies the uniqueness of this journey. They collaborated across time-zones to reach an agreement between two separate entities when met with misalignments. They overcame differences in corporate culture and understanding of topics as well as concerns about rapid changes. Despite the differences, they acted as&nbsp;one team, keeping a sharp focus on the goal and the larger picture.“Through this project, we defined, together OUR Treasury culture,” says Yaping Wen, Treasury Expert.Accomplishing such a complex project involving two autonomous, listed entities to this high standard and cutting-edge technology in such a short amount of time, while dealing with intense differences, is a massive achievement.Key benefits<ul style="list-style-type:disc;"><li>Cost savings.</li><li>Process efficiencies.</li><li>Increased automation.</li><li>Risk mitigated.</li><li>Improved visibility.</li><li>Errors reduced.</li><li>Number of banking partners/bank accounts reduced.</li><li>Manual intervention optimized.</li><li>Increased system connectivity.</li><li>Future-ready solution.</li><li>Exceptional implementation (budget/time).</li><li>Improved key performance indicator (KPI) metrics.</li></ul>&nbsp;Download the PDF <a href="/rcs/citigpa/storage/public/asaa_chugai.pdf" target="_blank">here</a>.

In just ten months, Chugai Pharmaceutical has redefined its treasury with cutting-edge solutions - centralized cash management, and automation. These advancements have driven significant cost savings and building a future-ready treasury.&nbsp;

Adam Smith Awards Case Study: Chugai Pharmaceutical Co.,Ltd

FedEx develops proprietary digital platform called PEACEThe challengeInnovation has always been a key component of FedEx’s DNA. Today, the need to provide digital solutions to enhance its customer’s experience is ever more critical given that the role of supply chains and e-commerce have fundamentally evolved in recent years.The team in Singapore faced the following challenges:&nbsp;<ul style="list-style-type:disc;"><li>Significant collections in cheques and cash that require manual processing by the operations and treasury team as well as exposure to risk and control issues, particularly with handling cash.</li><li>Manual fund transfers resulting in operational inefficiencies for the company’s cash application team with regard to reconciliation against invoices.</li><li>High volumes of credit card collections which are costly for FedEx given the payment gateway fees and interchange fees.&nbsp;</li></ul>The following objectives were identified to:<ul style="list-style-type:disc;"><li>Reduce the analogue payment methods from customers such as cheques and cash to reduce manual processes.</li><li>Reduce operational risk with handling cash and cheques.</li><li>Automate the collection and reconciliation processes to optimize cash application and increase the efficiency of the treasury team.</li><li>Improve its customers’ end-to-end experience.</li></ul>The solutionFedEx created a proprietary digital platform, called PEACE, which is a fully integrated e-commerce platform that connects the entire customer journey.Working closely with Citi, FedEx can now offer expanded digital payment options to FedEx customers via the PEACE platform across Asia. Leveraging QR standards of instant payment schemes in Hong Kong and Singapore, PEACE displays unique dynamic QR codes to allow frictionless, real-time payments by FedEx customers.FedEx tightly integrates PEACE with the bank through API to generate payment QR codes and to instantly update payment statuses. As the company’s banking partner across Asia, Citi created a customized API architecture to maximize multi-market scalability while complying with the company’s high standards in information security.A customer simply scans the dynamic QR code with their banking or e-wallet apps, then reviews and approves the instant payment. There is no data input required and no sensitive data (eg card number) is shared online. Thanks to real-time API technology, the customer immediately sees that FedEx has received the payment and marked the invoice as paid in the PEACE platform. In addition, PEACE triggers a payment success email to the customer for record-keeping purposes. Using the reconciliation data embedded in the QR, FedEx automatically applies the received funds against the correct invoice, without any human intervention.Best practice and innovationOverlaying instant payments with API connectivity for high volume business offer seamless, real-time and 24/7 consumer collections which minimizes friction with collections through cheques and cash.Instant payments are becoming an important collection method replacing traditional consumer payment methods in Asia. QR codes have been critical to propel adoption through ease of use and this trend will continue with time.For FedEx, and the logistics industry in particular, there is a high volume of payments from consumer and corporate customers including last mile delivery charges that are traditionally paid through cheques or cash. By leveraging instant payments and QR code capabilities, FedEx is transitioning from analogue collection methods and replacing with not only digital but also real-time collection&nbsp;methods.&nbsp;This solution helps to provide enhanced visibility of cash collections, enabling treasury to further optimize the company’s liquidity management.Key benefits<ul style="list-style-type:disc;"><li>Cost savings.</li><li>Headcount savings.</li><li>Process efficiencies.</li><li>Increased automation.</li><li>Improved visibility.</li><li>Errors reduced.</li><li>Manual intervention reduced.</li><li>Future-proof solution.</li><li>Improved key performance indicator (KPI) metrics.</li></ul>"Our team in Asia stepped up to relook at the challenges in collections across Asia, understanding the business requirements and strategic goals of the company. As a result, we have developed a unique payment portal called PEACE, which is a first globally within our enterprise. Our team in Asia is laser focused on fully digitalizing the collections processes and improving service delivery to our customers,” says Eve Yong, Manager, Revenue System&nbsp;Engineering.Download the PDF <a href="/rcs/citigpa/storage/public/asaa_fedex_singapore.pdf" target="_blank">here</a>.

FedEx is revolutionizing payments— essentially eliminating manual processes and enhancing customer experience. Real-time QR payments and API automation are transforming collections across Asia.&nbsp;

Adam Smith Awards Case Study: Federal Express Singapore Pte Ltd

Team of seven delivers huge transformation for Dr. Reddy’sTreasury transformation challengesDr. Reddy’s Laboratories Ltd. (DRL’s) treasury team comprises only seven members who centrally manage the group’s global requirements around FX, currency risk, liquidity, investments, funding and working capital, payments, collections and regulatory compliances.&nbsp;The team launched its treasury transformation project in 2023 with the overarching objective to further streamline its treasury management through advanced automation and technology integration, with the vision to transform treasury into a highly efficient, error-free and fully automated unit. The project aims to eliminate redundant manual processes, which also involves customizing its SAP Treasury and Risk Management (TRM) module to streamline accounting, fair valuation of derivative contracts and real-time monitoring of&nbsp;exposures. The project would help DRL to achieve:<ul><li>Automated day one closure of accounting books vis-à-vis the existing process of T+5 days.</li><li>~1,200 manhours saving per year.</li><li>Real-time exposure tracking across all 18 currencies.</li><li>Automated reporting and reduction in redundant reconciliations.</li></ul>FX and currency risk managementWith exposure to 18 currencies and a ~US$2.5bn hedge book, currency risk management is a key focus for the treasury team. DRL has a robust FX and currency risk management policy in place, with an objective to minimise adverse currency impact on cash flows and profits. The&nbsp;team employs various instruments such as options, risk reversal options, forwards and other structured derivates to effectively manage the FX risk.The team demonstrates the ability to innovate via deployment of receivables sale and working capital loans to manage FX exposure in volatile currencies such as KZT, MXN, BRL and UAH in a cost-efficient manner.The robust actions of the team during an ever-challenging FX environment ensured five consecutive years of positive net FX impact on balance sheet exposures. The team provided industry leading returns on its hedge book, with gains of ~US$23m in FY22, ~US$28m in FY23 and ~US$24m in FY24.InvestmentsThe team manages an investible surplus of over US$970m with over 50% exposure to marketable securities. The highly volatile market environment over the last 12-18 months, including elevated interest rates globally and geopolitical uncertainties, required extremely dynamic responses to avoid mark-to-market impact and ensure optimal portfolio returns. The team also keeps up to date with market developments and updates its investment policy to ensure exposure to high-quality investments. DRL’s India investment portfolio yielded 8.04% return in FY24.Liquidity and working capital managementDRL’s global operations expose it to multiple geographies, currencies and time zones. Hence, liquidity and operation risk management are a key performance indicator. The team has implemented many innovative and new-age banking solutions in close coordination with cross-functional and cross-regional teams including banking partners, tax, legal, business, compliance, technology and operations to ensure a successful outcome.<ul style="list-style-type:disc;"><li>Receivables sales program – DRL implemented a US$200m multi-seller, multi-currency global accounts receivables sales program in 2024 with the objective of working capital (WC) management and AR/FX risk mitigation. When fully operational, the program will cover receivables of US$400m in nine currencies across 13 countries. The program is helping significantly reduce FX hedging cost and significant reduction in DSO.</li><li>Supply chain finance – the team led the launch of an automated supplier invoice pre-payment program to embed WC efficiencies in DRL’s procure-to-pay process cost of goods sold (COGS) reduction and which also helped strengthen its vendor relationships. The program contributed ~US$6m to income in FY24 and expected to contribute even higher in current year. C2FO is the SCF solution partner.</li><li>Cash pooling for European business – DRL implemented a notional cash pooling structure in 2024 for its European entities, which has resulted in enhanced liquidity management, cost efficiency, accurate forecasting, and enhanced visibility and control over cash flows. The initiative has already delivered financial benefit of US$0.5m, which is expected to exceed US$1m once the project is fully implemented.</li><li>Acquisition financing – the team played a key role in executing one of the largest recent acquisitions that DRL announced in June 2024 – Haleon’s portfolio of nicotine replacement therapy products. The team managed various key workstreams on the acquisition including deal structuring, funding structure and hedging strategy, which has yielded a mark-to-market benefit of ~US$20m+.</li><li>Bank fees – the team also undertook a project to ensure rationalization and complete visibility of bank charges across 43 legal entities, 22 banks and ~100 bank accounts. This has led to 25% cost reduction for DRL towards bank fees as well as enhanced visibility via consolidated bank statements capturing AFP Codes.</li></ul>Objectives deliveredGiven the large global footprint and complexity of operations, including dealings in many restricted currencies, DRL’s treasury team has played a pivotal role in ensuring business and operational continuity as well as growth for the firm globally. It has not only ensured it continues to help deliver on the strategic objectives of DRL and meet its own stated KPIs but has gone above and beyond over the last 12-18 months. Citi, India is the primary banking partner in this transformation project.Download the PDF <a href="/rcs/citigpa/storage/public/asaa_dr_reddys.pdf" target="_blank">here</a>.

Dr. Reddy’s Treasury team has achieved a groundbreaking transformation—optimizing FX, liquidity, and working capital while enhancing efficiency on a global scale.&nbsp;

Adam Smith Awards Case Study: Dr. Reddy’s Laboratories Ltd

Our clients are setting new standards of excellence, earning industry recognition for their outstanding achievements. Explore their award-winning success stories and see how their innovations and impact have been celebrated.