In line with its long- term commitment to serve small and medium enterprises (SMEs) in the UAE, Citibank has unveiled two new products – Cheque/Bill Discounting and Trade Financing targeting the SME segment.
Cheque/Bill Discounting involves discounting future receivables up to 80% of the value of the receivable for a maximum period of 90 days, while Trade Financing involves issuance of guarantees and letters of credit for active SME traders.
Both products fall under the Local Commercial Bank, which offers a basket of business and financial solutions for companies based in the UAE. These products specially cater to the needs of trading companies seeking ready funds in order to optimise cash flows in their trade transactions.
These additions to the product suite are further expected to augment the cash management platform available for clients. Each client is managed by a relationship manager, and additionally, a dedicated service team assists clients with their day-to-day transaction needs. Furthermore, Citi’s international network provides the tools needed to assist clients to be more competitive both locally and in the global market.
Sanjoy Sen, head of consumer bank at Citibank in Middle East, said: “The small & mid corporate banking is one of the growth engines for Citibank and we aim to help facilitate the development of this segment. Our successful consumer platform, where we have a robust cards, wealth management and loans business, will be entwined with the small & mid corporate program through the Local Commercial Bank.”
Satyajeet Roy, head of Local Commercial Bank, said: “We continue to view the UAE market as a regional hub serving the Gulf and Levant region, not to mention the local market, which is fast expanding and becoming more sophisticated.
“We realize that the small & mid corporate segment is one of the most under-served segments; therefore, and in line with our stated objective, it was only natural to add the Cheque/Bill Discounting & Trade Finance products. The introduction of these products, which come with ‘value-loaded’ benefits, will help build a stronger partnership with our clients.”
