Citi corporate client Xerox wins Adam Smith award
LONDON -- June 20, 2013
Citi congratulates Xerox, one of its corporate clients, on winning the
prestigious Adam Smith Award for best Foreign Exchange Solution from Treasury
Today. The award will be presented to Xerox today at a special lunch for
winners at the Plaisterers’ Hall in London.
The Adam Smith Awards recognise best practice and innovation by corporate
treasuries, and are now in their sixth year. In 2013, there were a record 214
nominations from 25 countries.
Xerox won its award for its dynamic layered hedging solution that was
structured by Citigroup Foreign Exchange and Local Markets Group. This product
gives the firm a systematic and easily understood framework by which to make
decisions regarding the hedging of foreign exchange exposure, and by so doing
eliminates much of the guesswork usually found in that process.
“We knew we were doing something ground-breaking,” said Rhonda Seegal, Xerox
vice president and treasurer. We knew we had a winner at Xerox. Our system
reflects best practices and provides a direct positive impact on the bottom
The solution has already yielded very positive results, smoothing currency
volatility while at the same time enhancing transparency, says Xerox. This has
been particularly true in recent months during the period of volatility in the
Japanese yen, to which Xerox has considerable exposure. The solution afforded
stable earnings, a better all-in hedge rate and appreciable savings.
“We are delighted that Xerox has won this award and we congratulate them for
it. Xerox is a very valued corporate client and we are very happy, but not
surprised, that the hedging solutions package has worked out so well for them.
This award underlines Citi’s position as the leading provider of foreign
exchange services to corporate hedgers,” said Bernie Sinniah, global head of
corporate FXLM sales at Citi in London.
Citi, the leading global bank, has approximately 200 million customer accounts
and does business in more than 160 countries and jurisdictions. Citi provides
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, transaction services,
and wealth management.
Additional information may be found at www.citigroup.com | Twitter: @Citi |
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London: Simon Boughey
+44 207 508 3864
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