Subscribe Free
in Business & Finance

Etihad Airways signs CITI as international cash management bank partner

Posted 24 February 2016 · Add Comment

Etihad Airways has announced an enhanced agreement with Citi as its international cash management bank partner.

The new mandate, covering Etihad Airways' worldwide operations outside the GCC, will enable the airline to leverage Citi’s substantial investment in financial technology to further develop its cash management operations and help reduce costs. 

Etihad Airways will now be able to utilise Citi’s Liquidity Management solution to achieve substantial cash optimisation and competitive market rates through automated treasury tools, resulting in significant transaction cost savings. 

Citi's cash management solution rationalises account opening processes and moves the Abu Dhabi-based carrier to a fully automated and centralised account administration, and automated account payable and account receivable management tools to achieve better control and minimise transactional risks. 

The enhanced partnership comes a year after the signing of an innovative Supply Chain Finance (SCF) agreement between Etihad Airways and Citi enabling the airline to unlock liquidity and pay its suppliers almost immediately through funding provided by the bank. 

James Rigney, Etihad Airways chief financial officer, said: “We are delighted to have entered into this agreement with Citi which is designed to drive more cost benefits for our business on a global level. As Etihad Airways continues to grow, this partnership will help bring about greater economies of scale, increased operational efficiency, enhanced financial procedures and immediate solutions to local needs across our worldwide operations.” 

Emre Karter, managing director and regional head – treasury and trade solutions (Middle East, North Africa, Pakistan & Turkey), said: “At Citi, we value our strategic alliance with Etihad Airways which is one of the world’s fastest growing airlines, and we're proud to provide global cash management services that meet the exact needs of the carrier.  This is demonstrative of our ability to offer clients worldwide, local and regional solutions with global service standards.” 

* required field

Post a comment

Other Stories
Advertisement
Latest News

Air Partner is appointed by Saudi Arabian Airlines as its exclusive remarketing agent

Air Partner's Aircraft Remarketing division (formerly Cabot Aviation), a leading aircraft remarketing agent, has been appointed by Saudi Arabian Airlines (Saudia) as its exclusive remarketing agent in respect of fifteen Boeing

Boeing Global Services Forecasts 1.2 million pilots and technicians needed by 2036

Now in its eighth year, the outlook is a respected industry study that forecasts the 20 year demand for crews to support the world's growing commercial airplane fleet.

Pegasus Airlines launches Business Flex

Pegasus Airlines has launched its brand-new flight package, Business Flex.

Etihad Airways introduces next-gen Boeing 787 between Abu Dhabi and Beirut

Etihad Airways has introduced the Boeing 787-9 on its scheduled daily service from Abu Dhabi, the capital of the United Arab Emirates (UAE), to Beirut, Lebanon.

Emirates highlights female role models in aviation with simulator challenge

Championing the importance of women's contributions to the growth and development of aviation, Emirates recently hosted Shaesta Waiz for a Boeing 777 simulator challenge in its home base of Dubai.

Gerry's Dnata opens lounge in Karachi

Gerry's Dnata, the largest ground handler in Pakistan, has opened a new marhaba lounge at Jinnah International Airport – Karachi.

Aviation Africa SK18418
See us at
Aviation Africa BT18418RMIT BT1631817AIME BT1204240118Global Aerospace BT28218Commercial Aircraft Financing BT2017DIAC BT1105121117DAS BT1105161117DASAS BT3006161117