Excellence in leadership in Latin America 2020: Citi
Awards for Excellence 2020
Citi worked hard to mitigate the effects of the pandemic throughout central and Latin America and, given its history and geographical spread throughout the region, its impact was widespread.
Led by Latin America chief executive Ernesto Torres Cantú, Citi acted quickly to protect staff and support clients.
The bank saw a large initial wave of demand for liquidity as corporate clients sought to build up cash reserves as economies closed down. It was active at the multinational level, leading a new bond deal for the Central American Bank for Economic Integration, and at the national level, working on Peru’s $3 billion bond and leading an exchange of bonds for Argentina Airport – which had an 85% acceptance rate.
Ernesto Torres Cantú
Citi generated liquidity for clients through credit facilities, including supply-chain, trade-finance and other liquidity optimization strategies. The bank also supported retail and small and medium-sized enterprises in jurisdictions where it has an active consumer and commercial bank, such as Banamex in Mexico.
In Ecuador, the bank’s branch in Guayaquil – one of the earliest and hardest-hit cities in Latin America, with more than 80% of the country’s cases – was closed, but there were some processes that could only be conducted in person.
On one day it looked like no one would be available to go into the branch. However, one employee opened the branch on time and single-handedly managed all of the transactions he could.
Citi says that the clients were “very appreciative and the employee has been commended for his dedication”.