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CCAI, Citi Indonesia sign business deal
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Posing for a photograph are (from left) Citi managing director Ernesto Pittaluga, Citi Indonesia managing director and head of global subsidiaries group Riko Tasmaya, Citi Indonesia CEO Batara Sianturi, CCAI president director Kadir Gunduz, CCAI finance and governance director Thomas Praming and Citi Indonesia treasury and trade solutions head Vincent C. Soegianto, after signing a business agreement in Jakarta on Feb. 13. (Courtesy of/Cognito Communications Counsellors)
C
oca-Cola Amatil Indonesia (CCAI) has signed a cash management and trade finance agreement with Citi Indonesia, the Indonesian branch of US-based Citibank.
Citi Indonesia’s director of treasury and trade solutions, Vincent C. Soegianto, said in Jakarta on Tuesday that under the deal, the bank would provide host-to-host connectivity with open account cash management to speed up the billing process between CCAI and its suppliers, as well as help manage employee wages, tax, corporate credit cards and utility payments.
Citi would also provide the supplier with a finance program, which will increase CCAI cash flow and extend the payment deadline between CCAI and its suppliers, he said, adding that CCAI’s suppliers would also receive better interest rates when dealing with CCAI.
“The deal will increase the Treasury and Trade Solutions' (TTS) revenue by 10 percent and the bank targets that TTS will contribute 30 percent to the bank's total revenue,” Vincent told reporters.
He added that Citi Indonesia had some 30 customers of the cash management and trade finance program.
Meanwhile, CCAI finance and governance director Thomas Praming expected that the deal would support business growth for both parties.
CCAI has managed the Coca-Cola brand in Indonesia since 1992, operating eight plants and employing 10,000 workers. (ami)
