Citigroup and CECA Sign Asian Letter of Credit Processing Agreement
Spain’s CECA (Confederacion Española del Cajas de Ahorros) and Citigroup have reached agreement for the private label processing of CECA’s Asian letters of credit by Citigroup’s Asian operations. Under the deal, Citigroup will provide processing services to CECA and also to those other members of the Spanish Confederation of Savings Banks who elect to join this program. Roberto Aleu Sanchez, Head of Capital Markets, Products and Services for CECA said: “We are pleased to be working with Citigroup as our partner. Citigroup proposed a tailored solution to handling our Asian trade business which will clearly meet CECA’s requirements.”
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