Girteka, the leading asset-based logistics company in Europe, has announced a strategic partnership with Citibank Europe plc (Citi) to take its financial operations to the next level. The partnership will allow Girteka Group to streamline its financial transactions and operations with the help of Citi's advanced banking platform.
Girteka Group annually executes over 776,000 full truck deliveries throughout Europe. With a dedicated workforce of more than 23,000 colleagues, Girteka is rapidly expanding its operations in the cold supply chain market. The company offers flexible and dependable road transportation solutions, boasting a fleet of over 9,200 trucks and nearly 10,000 trailers.
"Information and quick reaction are critical elements in both financial transactions and logistics services," said Vytenis Šuklys, CFO of Girteka Group. "With dozens of entities within our Group across multiple jurisdictions, finding a quick, flexible, and integrated solution is essential. That is what we are looking for with Citi. This comprehensive financial solution will allow Girteka to not only manage daily banking operations more efficiently but will also enable the organisation to manage cash-flows and foreign exchange risk on the Group level more effectively," he concludes.
Girteka Group decided to start cooperation with one of the largest and most advanced banks – Citi, to enable advanced financial solutions and operate one banking platform instead of a multibanking approach. With an integrated solution for every entity in the Group, Citi offers not only a reduction of time in cash flow processing but also helps to automate solutions between companies in the Group, minimising efforts and time consumption as well as reducing risk.
"We hope this is the first step towards a mutually beneficial cooperation, with improved visibility, efficiency in payments, and improvement in liquidity," said Šuklys. "Cross-country multi-currency cash pooling, as well as possible integration with digital systems like SAP ERP, will allow us to take our customer services to the next level."
Girteka Group will benefit from using bank accounts in multiple jurisdictions for all of its companies through Citi's CitiDirect platform, where all bank accounts can be viewed on a single dashboard. This will provide the Group with cross-country multi-currency cash pooling capabilities, allowing for instant management of cash flows between companies.
“With Citi’s multi-year experience across the Baltic region and award winning Global Cash Management solutions, we were able to cater a cutting-edge solution for Girteka and support its pan European presence and Lithuanian operations through liquidity centers all across Europe, leveraging the EEA’s (European Economic Area) common regulatory requirements in payments such as Same Day/Instant SEPA payments,” said Stanislava Taneva, BCMA Head of Central Europe at Citi.
Girteka Group is on a path towards entirely digitised internal processes and has found solutions provided by Citi to be very competitive and attractive, where not only flexibility but also an advanced digital platform is provided to coordinate and manage financial operations in the whole Group, as one of the crucial solutions towards future sustainable growth.
Girteka Group is a group of companies working in close relations to provide best-in-class logistics services with digitally advanced solutions based on Artificial Intelligence (AI). The Group consists of several companies with a customer-oriented focus, covering business services across Europe as Girteka Europe West, Girteka Nordic, TNDM Trucking, ClassTrucks transport asset management, supported by group functions including information and digital assistance, human resources and financial support.