It is tempting to conclude that Citi’s impressive suite of treasury management services, for which it wins the award of Latin America’s best bank for transaction services, is the result of the bank knowing that it really needs to excel in this area. Given the growth strategy being pursued by chief executive Jane Fraser, which has seen the bank pull out of many retail banking markets to focus on corporate and investment banking, a market-leading transaction services offering is imperative.
Transaction services such as cash management have a similar importance for Citi that deposits have for retail banks. Cash management is an annuity business, a constant stream of fees and spread. It also stimulates an additional flow of banking needs. Transaction services provide constant touch points with Citi’s client list and constant opportunities for relationship building.
Citi’s transaction services team in the region is led by Steve Donovan, Latin America head, treasury and trade solutions (TTS).