Citi Launches Renminbi (RMB) Exporters and Importers Letters of Credits in Latin America
Citi has launched Renminbi Letters of Credits for Importers and Exporters (RMB LCs) in Latin America, being a leading bank in Latin America to offer a trade services solution suite available in RMB. This new capability will allow clients in Latin America to issue, receive and settle RMB denominated LCs with their Chinese trading partners while also providing clients with new alternatives for trade financing, trade processing and risk mitigation.
While trade flows between China and Latin America are increasingly diversified, LCs continue to be the most utilized method to settle transactions in Chinese-Latin American trading activity. Through Citi, companies in Latin America can now settle their trade transactions with their counterparties in China directly in RMB.
“Connectivity is key to our strategy for the region. This is a great, innovative capability that will help accelerate the connectivity between Latin America and Asia, in this case China, for our clients in both regions,” says Fernando Iraola, Latin America & Mexico Region Head, Citi Transaction Services.
This RMB trade settlement solution opens a new era in Sino-Latin American trade and is regarded as a crucial landmark for the development of the trade market in both Latin America and China.
“Through the launch of this RMB settlement solution in Latin America, added to our other complementary trade solutions, we are providing our clients in the most active trade corridor in the region with a unique value proposition, which addresses the fast changing demands of international trade with China, allowing them to be a market leader and a competitive force solely through their partnership with Citi,” says Othman M. Gamero, Trade Services Head for Latin America, Citi Transaction Services.
This new solution follows the recent launch of Citi Transaction Services’ new Latin America Trade Desk in Asia, based in Shanghai, China, which serves as a link to the region for Latin American clients.
Transaction Services, a division of Citi’s Institutional Clients Group, offers integrated cash management, trade, and securities and fund services to multinational corporations, financial institutions and public sector organizations around the world. With a network that spans more than 95 countries, Citi’s Transaction Services supports over 65,000 clients. As of the first quarter of 2012, it held on average $377 billion in liability balances and $13 trillion in assets under custody.
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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