Citi Trade Shines as Digitalisation Leaders and Trade Payable Innovators by Global Trade Review

London — Global Trade Review (GTR) has awarded Citi as a Leader in Trade for Digitalisation. This prestigious accolade serves as a testament to Citi's unwavering commitment to driving the digital transformation of trade.

This year's GTR Leaders in Trade Awards, presented at the 2023 Annual Charity Awards dinner, celebrated excellence across the trade, commodity, supply chain, export finance, and fintech markets. Citi's consecutive recognition as a leader in digitalization by GTR is a remarkable achievement, highlighting the bank's continued dedication to innovation.

In response to this recognition, Chris Cox, the Global Head of Trade and Working Capital Solutions at Citi commented: "We’re obviously honoured to be recognised for this award. Trade is an industry  that is just embarking on a journey of true digital transformation. Delivery of frictionless financing and high-tech as well as high-touch solutions to clients, is something we’re focussed on and committed to at Citi. Working with clients and partners like Stenn, to craft new solutions is what we’re passionate about and want to lean into even more. So it’s terrific endorsement that this collaboration and investment, in addition to the team’s efforts, is recognised in this manner."

Notably, Citi’s Trade payables strategy featuring deep-tier financing capabilities with Stenn Technologies took centre stage as part of the GTR Deals of the Year category. This was the first pre-shipment financing deal via the Trade Information Network (TIN) for Citi. Suppliers for Gap Inc. were Citi’s first Supply Chain Finance (SCF) suppliers to join TIN to receive pre-shipment financing.  

Citi's ongoing relationship with Stenn was acknowledged for its work with Gap Inc., facilitating deep-tier financing within SCF. The Gap Inc. deal serves as an example of how Citi empowers global supply chains by enabling access to funding at even the deepest tiers of the supplier network.

Parvaiz Dalal, Global head of Trade Payables at Citi, emphasised the significance of this achievement, stating: "The Gap Inc. and Stenn deal, recognised as a GTR Deal of the Year, showcases Citi's commitment to meeting the diverse needs of our clients. This is the first Citi SCF transaction to be routed through the Trade Information Network."

Greg Karpovsky, Founder and CEO at Stenn, commented: "The relationship between Citi and Stenn has supported our mission to bridge financial gaps by providing funding accessibility across complex global supply chains. The recognition of this collaboration in GTR's Deals of the Year category is testament to the hard work by all teams involved and underpins the importance of deep tier financing in international trade."

Gap Inc. added: "The forward thinking approach of Citi to collaborate with the Trade Information Network and Stenn enabled integrated financing across the supply chain lifecycle, ensuring improved resiliency to our suppliers."

These awards reinforce Citi’s position as an industry leader, continually pushing the boundaries of trade finance and delivering unparalleled solutions to clients worldwide.

About Citi

Citi is a preeminent banking partner for institutions with cross-border needs, a global leader in wealth management and a valued personal bank in its home market of the United States. Citi does business in nearly 160 countries and jurisdictions, providing corporations, governments, investors, institutions and individuals with a broad range of financial products and services.

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Contact

Richard Bicknell: Richard.Bicknell@citi.com