Samuel Itzcovitz has been appointed the Global Head of Clearing and Financial Institutions Payments for Citi Transaction Services.
In this role, Sam will be responsible for the continued growth, development and transformation of this important global business, developing strategies and execution plans to deliver on the potential of this business and to meet the increasingly complex and sophisticated needs of Citi’s clients in the Financial Institutions segment. Sam will report to Ebru Pakcan, Citi’s Global Head of Payments.
Global Clearing is an important business for Citi, providing core payment services to financial institutions for the clearing of their treasury and commercial payments globally. Citi, one of the premier providers of cross-border payments, has an unparalleled global network. As a result, Citi is able to harness the local knowledge and expertise found with colleagues who operate in more than 100 countries around the world and bring that value to clients who can leverage Citi’s in-depth knowledge and understanding of how to do business most efficiently in foreign markets.
Sam has been with Citi Transaction Services in Australia for eight years and has led a number of divisions over that time across Product Management, Client Sales Management, Public Sector and the Bank Services Group. Most recently Sam led the Treasury & Trade Solutions business for Australia and New Zealand, with responsibility for the full suite of cash management, trade services and trade finance offerings. Sam also headed the Bank Services Group from its inception in Australia and New Zealand in 2008, helping to create a market-leading franchise and delivering exceptional growth in Clearing and the FI Payments segment.
Sam began his career at Westpac Banking Corporation in 1993 within Financial Markets before moving into transactional banking where, among other responsibilities, he ran the Australian Dollar Clearing business and Network Management function.
Citi 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 third quarter of 2012, it held on average $415 billion in liability balances and $12.8 trillion in assets under custody.