Citigroup to Launch Commercial Card Programs Across Latin America and Caribbean
A multi-country agreement has been reached between Citigroup Global Transaction Services (CGTS) and Visa that will see CGTS launch commercial payment and information management card programs to Citigroup corporate clients in Latin America and the Caribbean. The service has been designed to increase procurement process efficiency and provide cost savings, said the bank. Under the agreement, Citigroup will provide Visa-branded card payment solutions to multinational corporate clients in the region through their Citibank Commercial Cards business. The program will be launched initially in Argentina, Brazil, Chile and Mexico and annual card spend is estimated to reach US$ 1.4 billion by 2008.