Insight & Analysis

Press release: Citi appointed by Coca-Cola Amatil Indonesia as main bank for Cash Management and Trade Finance

Published: Feb 2018

In Asia Pacific, Citi’s Treasury and Trade Solutions (TTS) business provides integrated cash management and trade finance services to multinational corporations, financial institutions and public sector organizations across the globe. With a full range of digital and mobile enabled platforms, tools and analytics, TTS continues to lead the way in delivering innovative and tailored solutions to Citi’s clients. It offers a comprehensive suite of Treasury and Trade solutions, including Cash Management, Payments, Receivables, Liquidity Management and Investment services, Working Capital solutions, Commercial Card programs, and Trade Finance services.

President Director of Coca-Cola Amatil Indonesia Kadir Gunduz stated that working with the right partners is critical for CCAI’s transformation journey. “Our 10,000 employees are serving more than 830,000 customers and growing. It is important that we work with partners who understand the scale of our business and our future ambition.” Throughout 2017 alone, CCAI announced more than USD 110 million of investment in a form of a Mega Distribution Centre and several new production lines. “We know that Citi brings decades of experience, innovation, and cutting edge technology which—we believe—will add value to our plan to grow,” added Kadir.

Head of Global Subsidiaries Group of Citi Indonesia Riko Tasmaya said, “Citi has a long-standing global relationship with Coca-Cola Amatil in Australia and Indonesia across Treasury and Trade Solutions, Capital Markets, Risk Management and Corporate Finance. This mandate will further strengthen our close partnership, and we thank Coca-Cola Amatil for their continued trust in Citi. As their preferred bank and trusted advisor, we look forward to continue offering a unique value proposition, leveraging the power of our global network and state-of-the art digital innovation to support CCAI’s growth.”

Head of Treasury and Trade Solutions of Citi Indonesia Vincent C. Soegianto elaborated that Citi’s Cash Management solution has the ability to automate CCAI’s payment processes through host-to-host connectivity, provide seamless reconciliation process, and present digitized reports in a secured manner. “Our comprehensive and market-leading solutions will enable CCAI to achieve higher operational efficiency, improve visibility and control, accelerate transaction processes and minimize transactional risks,” he added.

Citi also implemented a Supplier Finance Program for CCAI, enabling CCAI to improve their Day Payable Outstanding and enhance their cash conversion cycle by extending payment terms. Simultaneously, it allows CCAI’s suppliers to finance their receivables at a more attractive rate than they would otherwise be able to achieve. This delivers a win-win outcome for both CCAI and suppliers.

Citi’s Cash Management and Trade Finance solutions are supported by efficient digital solutions that drive greater automation and autonomy in CCAI’s treasury operations, allowing CCAI to have unprecedented visibility over their treasury flows. The TTS business is committed to continuously harness innovation and digitization to help clients better adapt their operating models to shifting markets and business demands.

CCAI’s Finance and Governance Director Thomas Praming said “In achieving business efficiency and effectiveness, we need a trusted partner to handle our cash management. Our relationship with Citi has been established for a long time, providing services such as Cash Management, Treasury and Trade Solutions, FX Solutions, and providing corporate credit cards for employees. Through this continuous collaboration, we hope that the new partnership will bring sustainable business growth for both CCAI and Citi Indonesia.”

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