CTSM targets 8% growth in trade transactions

GEORGE TOWN: Citigroup Transaction Services (Malaysia) Sdn Bhd (CTSM) is a targeting 7% to 8% growth this year for its total transactions handled at its trade processing hub in Penang.

CTSM managing director Srinath Sambasiva said the hub in Penang handled 20 million transactions last year with a throughput of US$5.8 trillion across trade and cash business.

Speaking at the opening of CTSM new trade processing facility here by Penang Chief Minister Lim Guan Eng, he said the trade processing hub in Penang was the largest of the six located in Buffalo, the United States, Mumbai and Chennai in India, Dalian, China, and Dublin, Ireland.

The new facility occupies some 60,000 sq ft of office space at the One Precinct business cum retail centre. “The two facilities in Penang engaged approximately 1,000 experienced professionals to service the interests of clients in Asia, North America, Europe, Middle-East, and Africa,” Srinath told a press conference.

Also present was Citibank Bhd chief executive officer Sanjeev Nanavati (pic).

Sanjeev said Citigroup was recognised as a leader in transaction processing.

“The launch of the second CTSM facility here in Penang cements our commitment to offering consistent yet flexible solutions at competitive costs to help our customers in Malaysia and around the globe to build capacity for growth,” Sanjeev added.

Sanjeev added that CTSM was supported by the largest proprietary network in the world, covering over 100 countries with a corresponding network of 3,300 banks.

“Our strong capital base and comprehensive support network makes us a trusted and reliable financial shared services partner, and enable us to effectively manage high-value trade finance transactions for our customers,” he added.

CTSM began operations in Penang in 1993, and Citi was the first bank to choose Malaysia as a location for its process outsourcing for financial services.

The hub offers operations support to trade and cash management and commercial cards business of Citigroup.