Citi launches automated cross-border sweeping in Korea

Hyundai Glovis among the first beneficiaries.

In a release, Citibank Korea Inc. today announced the launch of cross-border automated cash concentration services to facilitate foreign currency cross-border trade flows into Korea, making it the first bank to offer such liquidity management solutions in the market.

Hyundai Glovis is the first company to benefit from Citi’s pioneering solution in Korea. Hyundai Glovis provides integrated logistics services including shipping, storage, transportation, and CKD, and is a global leader in the domestic and international market with a footprint over 12 countries.

The company is now able to leverage Citi’s global liquidity platform to drive balance sheet efficiency, minimize operational and financial risks, and reduce external funding costs.

The treasurer from Hyundai Glovis Co., Ltd. said: "Citi’s automated solution facilitates end of day cash concentration from New York to Seoul without the loss of value date, allowing us to maximize our investment opportunities."

Myung Soon Yoo, Country Head of Citi's Treasury and Trade Solutions for Korea, commented: 

"We are very excited to be the first bank in Korea to launch automated cross-border sweeping services for our clients. This is a natural complement in our liquidity management solution suite to help clients manage intercompany flows by simplifying and reducing risks around the movement of funds within their organization.

The milestone also reinforces Citi’s market leadership, and is testament of our continued commitment and investments in the Asia Pacific region.”

Citi is the first foreign bank to establish a presence in Korea in 1967 and formed Citibank Korea in 2004. As a global leader in liquidity management, Citi has been working in close partnership with clients to develop sophisticated solutions in the evolving market.

“Citi currently offers the widest range of solutions and the most sophisticated liquidity solutions among all foreign banks in the country.

We are able to support our clients’ treasury efficiency objectives across the region and globally by leveraging a standardized, consistent global platform with the same level of operational efficiency anywhere they operate” said Sandip Patil, Head of Regional Liquidity and Investment, Asia Pacific, Citi.