“The program is designed to benefit the broader industry by establishing an origination and funding platform for trade banks with global market positions, creating a highly diversified and granular pool of assets ultimately translating into access to a new and wider investor base,” said John Ahearn, Global Head of Trade at Citi.“The program ensures that we can increase the support to our clients in their international expansion, at the same time that we respond to current investor demand for high quality assets,” says Jorge Tapia, Global Head of Trade, Export and Commodity Finance at Santander. Working with Santander has enabled the introduction of a new asset class for the ABS investors globally. Konel Parekh of Citi’s Specialized Trade Solutions said, "With multiple joint issuances planned for the future and with new global and regional banks we hope to create stable liquidity for this asset type." “This is a transformational step for the future of Trade Finance. Through well-coordinated teamwork between co-arrangers, law firms and several control functions within our organizations we have invested considerably in a platform that will allow a sustainable future for the financing of global trade flows,” said Fabio José Fagundes, who led the MAPS initiative for Santander’s Global Trade Finance. Citi Treasury and Trade Solutions (TTS) enables clients' success by providing an integrated suite of innovative and tailored cash management and trade finance services to multinational corporations, financial institutions and public sector organizations across the globe. Based on the foundation of the industry's largest proprietary network with banking licenses in over 100 countries and globally integrated technology platforms, TTS continues to lead the way in offering the industry's most comprehensive range of digitally enabled treasury, trade and liquidity management solutions. About Citi: 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.
Additional information may be found at www.citigroup.com | Twitter: @Citi | YouTube: www.youtube.com/citi | Blog: http://new.citi.com | Facebook: www.facebook.com/citi | LinkedIn: www.linkedin.com/company/citiAbout Santander: Banco Santander (SAN.MC, STD.N, BNC.LN) is a retail and commercial bank, headquartered in Spain, with a presence in 10 main markets. Santander is the largest bank in the euro zone by market capitalization. Founded in 1857, Santander had EUR 1.342 trillion in managed funds, 102 million customers, 14,680 branches – more than any other international bank – and 186,785 employees at the close of June 2013. It is the largest financial group in Spain and Latin America. It also has significant positions in the United Kingdom, Portugal, Germany, Poland and the northeast United States. In the first half of 2013, Santander registered EUR 2,255 million in attributable profit, an increase of 29% from the same period of the previous year. For more information: www.santander.com