Citigroup and ChemConnect Launch Financial Services for the World Chemical Exchange.Business Editors NEW YORK--(BUSINESS WIRE)--Nov. 7, 2000 Through an alliance with Citibank e-Business, ChemConnect further advances global e-commerce opportunities throughout the entire chemicals, plastics, and industrial gases supply chain Citibank e-Business, part of Citigroup (NYSE NYSE See: New York Stock Exchange : C), the premier global financial services The examples and perspective in this article or section may not represent a worldwide view of the subject. Please [ improve this article] or discuss the issue on the talk page. company, and ChemConnect, the largest global Internet marketplace See vertical portal and Web hub. for chemicals, plastics, and industrial gases, today announced a major strategic alliance that will integrate a suite of key financial services into the World Chemical Exchange. Together, the companies will offer the more than 11,000 World Chemical Exchange Members in 110 countries access to financial services provided by Citigroup as well as other financial service providers. The range of financial services will include credit facilities credit facilities npl → facilidades fpl de crédito credit facilities npl → facilités fpl de paiement credit facilities , escrow escrow Instrument, such as a deed, money, or property, that constitutes evidence of obligations between two or more parties and is held by a third party. It is delivered by the third party only upon fulfillment of some condition. , and foreign exchange. "We are delighted to establish this ongoing partnership with ChemConnect, the clear leader in the chemicals B2B (Business to Business) Refers to one business communicating with or selling to another. See B2B e-commerce, B2C and B2G. B2B - business to business space," said Charlie Bohn, Global Head of Citibank's Chemicals and Pharmaceuticals Industry Group. "We view this relationship as an opportunity to expand support for the global chemicals industry as it moves aggressively into the new frontier New Frontier President John F. Kennedy’s legislative program, encompassing such areas as civil rights, the economy, and foreign relations. [Am. Hist.: WB, K:212] See : Aid, Governmental of e-business." "The number one bank in the chemical industry and the number one B2B marketplace for chemicals have joined forces," said John K. Robinson, ChemConnect CEO (1) (Chief Executive Officer) The highest individual in command of an organization. Typically the president of the company, the CEO reports to the Chairman of the Board. . "We are supplementing the e-commerce efficiencies of buying and selling products online, in real time, on the World Chemical Exchange, with `click-through' access to core financial services. This is another major support capability that our Members need and that we will move quickly to implement." Under the strategic agreement, Citibank's Crossmar unit will implement a technology infrastructure that will give World Chemical Exchange Members integrated access to products and services from Citigroup and other financial institutions. This becomes increasingly important as World Chemical Exchange transactions continue to grow in volume and value. "This new infrastructure answers World Chemical Exchange Members' needs for integrated access to a diverse range of financial services, and offers them a choice of financial service providers," stated Sam Borenstein Sam Borenstein was a well-known Canadian painter. Born in Lithuania, Borenstein immigrated to Canada in 1921. During his forty-year career he painted numerous scenes of Montreal and Laurentian villages and Quebec landscapes bustling with human activity, using brilliant colours and , President of Crossmar. "ChemConnect's leading e-marketplace is the perfect place for us to show companies how Web-enabled financial services can transform their financial and business processes by offering efficient services and products which operate across borders and among key trading partners," said Jorge Bermudez, Executive Vice President of Citibank e-Business. "This agreement with ChemConnect is an important milestone in the delivery of our strategy to be the financial services engine that powers B2B marketplaces and exchanges." Financial services Citibank, through its extensive network in over 100 countries, will offer World Chemical Exchange Members trade products, financing alternatives, member validation advisory services advisory services advisory services provided to the public, in their capacity as owners and managers of animals, are an important part of veterinary science. They may be provided by government bureaux, by commercial companies who deal in pharmaceuticals or animals or animal , and cash management services. Proposed financial services to be offered by Citibank and other financial service providers include: - Electronic payment systems which facilitate the transfer of money between World Chemical Exchange Members - A Web-based escrow service to support the financial settlement process, allowing for quick closure between trading partners not previously known to one another - Foreign exchange services for cross-border, multi-currency commerce About Citigroup Citigroup (NYSE: C), the most global financial services company, provides some 100 million consumers, corporations, governments and institutions in over 100 countries with a broad range of financial products and services, including consumer banking and credit, corporate and investment banking, insurance, securities brokerage and asset management. The 1998 merger of Citicorp and Travelers Group brought together such brand names as Citibank, Travelers, Salomon Smith Barney Smith Barney is a division of Citigroup Global Capital Markets Inc., a global, full-service financial firm, that provides brokerage, investment banking and asset management services to corporations, governments and individuals around the world. , CitiFinancial and Primerica under Citigroup's trademark red umbrella. Additional information may be found at http://www.citigroup.com. About Crossmar(R) Founded in 1992, Crossmar, Inc., a wholly owned subsidiary Wholly Owned Subsidiary A subsidiary whose parent company owns 100% of its common stock. Notes: In other words, the parent company owns the company outright and there are no minority owners. of Citicorp and part of the e-Business unit of Citigroup, develops and markets a wide range of services designed to bring global financial transactions closer to the ideal of electronic commerce - an automated straight through process from trade execution through confirmation matching, order routing, order management and reconciliation. Crossmar's systems and services are now in use by over 350 banks worldwide and by more than 450 of the world's leading corporations and fund managers. For more information on Crossmar and its products, visit http://www.crossmar.com. The Crossmar(R) service Crossmar(R) Clearing Service, as a neutral, intelligent router of financial transactions for e-marketplaces, will provide the necessary infrastructure for banks and non-traditional financial service providers to ensure the straight-through-processing of commercial transactions. Access to a variety of credits, financials, and value-added services as well as a choice of providers will ultimately be offered by the service. About ChemConnect ChemConnect is the Internet's largest global electronic marketplace for all types of chemicals, plastics, and industrial gases. Manufacturers, buyers, and intermediaries, around the world, use ChemConnect's World Chemical Exchange, an open, neutral market, to find trading partners, negotiate pricing, and complete transactions online. Members of the World Chemical Exchange increase profits by gaining access to new markets and reducing transaction costs Transaction Costs Costs incurred when buying or selling securities. These include brokers' commissions and spreads (the difference between the price the dealer paid for a security and the price they can sell it). while benefiting from up-to-the-minute market information. ChemConnect's 100 Charter and Corporate Members account for more than 55% of worldwide chemical sales. Founded in 1995, ChemConnect is headquartered in San Francisco San Francisco (săn frănsĭs`kō), city (1990 pop. 723,959), coextensive with San Francisco co., W Calif., on the tip of a peninsula between the Pacific Ocean and San Francisco Bay, which are connected by the strait known as the Golden , with offices in Frankfurt, Houston, London, New York New York, state, United States New York, Middle Atlantic state of the United States. It is bordered by Vermont, Massachusetts, Connecticut, and the Atlantic Ocean (E), New Jersey and Pennsylvania (S), Lakes Erie and Ontario and the Canadian province of , Paris Philadelphia, Rotterdam, and Singapore. |
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