ChemConnect, Citibank form e-business strategic alliance

07 November 2000 20:24  [Source: ICIS news]

HOUSTON (CNI)--Citibank e-Business and ChemConnect have formed a strategic alliance to integrate financial services into ChemConnect's chemicals e-commerce marketplace, the two companies said Tuesday.

Citibank e-Business, part of New York City-based global financial services company Citigroup, and San Francisco, California-based ChemConnect said they will offer ChemConnect's more than 11 000 exchange members "access to financial services provided by Citigroup as well as other financial service providers."

The range of financial services will include credit facilities, escrow and foreign exchange, the companies said.

Explained 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 of e-business."

Said John Robinson, ChemConnect chief executive: "We are supplementing the e-commerce efficiencies of buying and selling products online in real time … 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."

Proposed financial services to be offered by Citibank and others include electronic payment systems to facilitate the transfer of money, a Web-based escrow service allowing for rapid closure between trading partners, and foreign exchange services for cross-border, multi-currency commerce, the companies said.

By: Mike Sheridan
+1 713 525 2653

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