Program Supports Abu Dhabi Government's 2030 Vision to Improve
Access to Finance for Suppliers and Strengthen the Supply Chain
Abu Dhabi, 23 February 2015 - Citi, the leading provider of cash management and trade services in the MENA region and Etihad Airways, the national airline of the United Arab Emirates, today announced the signing of an agreement to provide a Supply Chain Finance (SCF) solution to pay select suppliers.
The innovative financing program will enable Etihad Airways to unlock liquidity and pay its suppliers almost immediately through funding provided by Citi. It also offers a highly customised structure that will cater to the airline's supplier segment across the globe, and will facilitate access to liquidity across businesses of all sizes.
The partnership with Etihad Airways marks Citi's first supply chain financing deal in the airline sector in EMEA and the first ever SCF partnership for Citi in Abu Dhabi. Equally, Etihad Airways will also be launching the program for the first time. The solution will be rolled out in two phases with the first phase covering a select number of key suppliers, and will subsequently be rolled out to remaining suppliers in the second phase.
James Rigney, Etihad Airways' Chief Financial Officer, said: "Our suppliers are an essential part of the success of our business and we are happy to provide the tools that offer new credit and liquidity sources and accelerate their access to cash flow.
"This project is a great example of how we can work together with Citi to improve access to finance for our suppliers and encourage their development in the region to build a sustainable and vibrant economy".
Steve Donovan, Citi's Head of Treasury and Trade Solutions (TTS) for the Middle East, North Africa, Pakistan and Turkey, said: "This is an important milestone for Citi's efforts in support of the key airline sector in the UAE.
"We are committed to providing the best supply-chain finance solutions to our clients, and place significant emphasis on developing a long-term partnership with Etihad Airways for the benefit of their suppliers."
Citi has been present in the Middle East and North Africa since 1955, and offers full scale corporate and investment banking services in Egypt, UAE, Bahrain, Qatar, Kuwait, Lebanon, Jordan, Tunisia, Morocco, Algeria, Pakistan and Iraq. Citi's institutional capabilities in the region include Treasury & Trade Solutions, Corporate & Investment Banking, Capital Markets Origination, Global Markets and Islamic Banking.
-Ends-
About Citi
Citi, the leading global financial services company, has approximately 200 million customer accounts and does business in more than 160 countries and jurisdictions. Citi provides consumers, corporations, governments and institutions with a broad range of financial products and services, including consumer banking and credit, corporate and investment banking, securities brokerage, transaction services, and wealth management.
Additional information may be found at www.citigroup.com | Twitter: @Citi | YouTube: www.youtube.com/citi | Blog: new.citi.com | Facebook: www.facebook.com/citi | LinkedIn: www.linkedin.com/company/citi
About Etihad Airways
/Etihad Airways began operations in 2003, and in 2014 carried 14.8 million passengers. From its Abu Dhabi base, Etihad Airways flies to 111 existing or announced passenger and cargo destinations in the Middle East, Africa, Europe, Asia, Australia and the Americas. The airline has a fleet of 110 Airbus and Boeing aircraft, and more than 200 aircraft on firm order, including 70 Boeing 787s, 25 Boeing 777-X, 62 Airbus A350s and nine Airbus A380s.
Etihad Airways holds equity investments in airberlin, Air Serbia, Air Seychelles, Aer Lingus, Alitalia, Jet Airways and Virgin Australia, and is in the process of formalising an equity investment in Swiss-based Etihad Regional, operated by Darwin Airline. Etihad Airways, along with airberlin, Air Serbia, Air Seychelles, Alitalia, Etihad Regional, Jet Airways and NIKI, also participate in Etihad Airways Partners, a new brand that brings together like-minded airlines to offer customers more choice through improved networks and schedules and enhanced frequent flyer benefits. For more information, please visit: www.etihad.com
For further information, please contact:
Tara Sirinyan
Corporate Communications Citi
Tel: +971 (0)4 5099570
Email: tara.sirinyan@citi.com
Asif Khan,
Etihad Airways Corporate Communications
Tel: +971 (0) 2 511 1543
Mob:+971 50 812 1364
Email: AsifK@etihad.ae
© Press Release 2015
