Citibank has set up a new servicing unit within its global transaction services business dedicated to fostering stronger ties with the bank's corporate customers.
The New York money-center last week announced the formation of the customer focus and development department, which will cater solely to improving and extending relationships with clients in the bank's global transaction services area. Global transaction services encompasses all of Citibank's global cash management, securities and trade businesses. The move is part of the bank's new concentration on companies that require international services.
By providing one umbrella group to oversee the relationships of all Citibank's institutional customers, the bank intends to forge deeper and more profitable connections within the corporate arena.
"It's basic cross-sell," according to James L. Bailey, the executive vice president in charge of global transaction services for Citibank.
The bank's global transaction services business processes close to $1 trillion in financial transactions daily. Last year, global transactions produced about $1.8 billion in revenue for Citibank.
The bank has moved over Robert Terkhorn, formerly head of Citi's global cash management business, to lead this new unit. Mr. Terkhorn's job is being filled by Colin Klipin, formerly the executive vice president in charge of cash management and financial institutions at Bank of America, who joined Citi two weeks ago.
Both men will report to Mr. Bailey . Mr. Bailey said that Mr. Terkhorn's role - and the role of the new unit - will be to act as "the voice of the customer" and present more banking options.
"I believe our customers look at Citibank as Citibank, not as (individual departments) like cash management," he said. "Whenever I talk to them, the say 'what we want you to do is deliver the entire bank to us."'