Girteka announces strategic partnership with Citibank Europe
You can read this article in 3 minutes
Girteka has announced a strategic partnership with Citibank Europe plc (Citi) to “take its financial operations to the next level". The logistics giant says the partnership with Citi will allow it to streamline its financial transactions and operations.
In a press release, Girteka Group states it decided to start cooperation with Citi to enable advanced financial solutions and operate one banking platform instead of a multibanking approach.
“Information and quick reaction are critical elements in both financial transactions and logistics services,” said Vytenis Šuklys, CFO of Girteka Group. “With dozens of entities within our Group across multiple jurisdictions, finding a quick, flexible, and integrated solution is essential. That is what we’re looking for with Citi. This comprehensive financial solution will allow Girteka to not only manage daily banking operations more efficiently but will also enable the organisation to manage cash-flows and foreign exchange risk on the Group level effectively” he concludes.
Through the partnership, Citi will provide an integrated solution for every entity in the Girteka Group. This, says Girteka, offers not only a reduction of time in cash flow processing but also helps to automate solutions between companies in the Group, minimising efforts and time consumption as well as reducing risk.
“We hope this is the first step towards mutually beneficial cooperation, with improved visibility, efficiency in payments, and improvement in liquidity,” said Šuklys. “Cross-country multi-currency cash pooling, as well as possible integration with digital systems like SAP ERP, will allow us to take our customer services to the next level.”
Moreover, Girteka Group says it will benefit from using bank accounts in multiple jurisdictions for all of its companies through Citi’s CitiDirect platform, where all bank accounts can be viewed on a single dashboard. This will provide the Group with cross-country multi-currency cash pooling capabilities, allowing for instant management of cash flows between companies.
“With Citi’s multi-year experience across the Baltic region and award winning Global Cash Management solutions, we were able to cater a cutting-edge solution for Girteka, and to support Girteka’s pan European presence and Lithuanian operations through liquidity centers all across Europe leveraging the EEA’s common regulatory requirements in payments such as Same Day/Instant SEPA payments,” said Stanislava Taneva, BCMA Head of Central Europe at Citi.