Citi today announced that it has been selected to administer the
U.S. Department of Defense Travel Card program. The program, the
largest under the General Services Administration´s umbrella
SmartPay(R) 2 master contract, currently has 1.2 million cardholders
accounting for 61% of government-wide travel spending in 2007.
"Citi and the Agencies of the U.S. Federal Government have a
long-standing, successful relationship, and we look forward to
delivering value to the Department of Defense," said Paul Galant, CEO,
of Citi´s Global Transaction Services division. "We are committed to
our government clients and will dedicate the necessary resources,
capabilities and service they need to achieve their strategic goals
now and in the future," he added. Global Transaction Services, which
includes Citi´s Commercial Card business, is one of Citi´s strongest
businesses with revenues of more than $7 billion in 2007. It is the
leading issuer of commercial cards globally with over 2.1 million
accounts.
Citi will immediately begin working with the Defense Travel
Management Office (DTMO) and the DOD Service Commands to implement a
program customized to meet their requirements, as well as to plan for
an effective and smooth transition from the previous provider. The
DTMO was established in 2006 to serve as the central point of contact
for commercial travel within the DOD. It is responsible for
establishing strategic direction and managing all commercial travel
programs, including the travel card program. The new official travel
cards will activate on Nov. 30, 2008.
The U.S. Department of Defense Service Commands covered under the
new contract include: Army, Navy, Marine Corps, Air Force and
approximately 20 other independent agencies. During fiscal year 2007,
the program had a spend level of approximately $4.9 billion.
Global Transaction Services, a division of Citi Markets & Banking,
offers integrated cash management, trade, and securities and fund
services to multinational corporations, financial institutions and
public sector organizations around the world. With a network spanning
over 100 countries, Citi´s Global Transaction Services supports over
65,000 clients. As of the 4th quarter of 07, it held on average $245
billion in liability balances and $13.1 trillion in assets under
custody.
Citi, the leading global financial services company, has some 200
million customer accounts and does business in more than 100
countries, providing consumers, corporations, governments and
institutions with a broad range of financial products and services,
including consumer banking and credit, corporate and investment
banking, securities brokerage, and wealth management. Citi´s major
brand names include Citibank, CitiFinancial, Primerica, Smith Barney,
Banamex, and Nikko. Additional information may be found at
www.citigroup.com or www.citi.com.
Certain statements in this document are "forward-looking
statements" within the meaning of the Private Securities Litigation
Reform Act. These statements are based on management´s current
expectations and are subject to uncertainty and changes in
circumstances. Actual results may differ materially from those
included in these statements due to a variety of factors. More
information about these factors is contained in Citigroup´s filings
with the Securities and Exchange Commission.
