NEW YORK - Citigroup Inc.'s e-business division is teaming up with ChemConnect Inc., the San Francisco company that hosts the largest global Internet exchange for chemicals, plastics, and industrial gases, to offer financial services to the exchange's members.
Citibank services, including credit facilities, Web-based escrow for financial settlement, cash management services, and foreign exchange, are to be integrated into the World Chemical Exchange. More than 11,000 World Chemical Exchange members in 110 countries are to be offered access to financial services from Citigroup and other providers.
Jorge Bermudez, executive vice president of Citibank e-business, said the alliance with ChemConnect is "an important milestone" in Citigroup's campaign "to be the financial services engine that powers B-to-B marketplaces and exchanges."
