Citi Retail Services has signed a long-term agreement to provide private label credit card services to Caterpillar Financial Services Corporation (Cat Financial) in the US and Canada.
The private label credit card services programme will be jointly managed by the partners.
Under the agreement, Cat Financial will offer guidance on the products while Citi will be responsible for transitioning the origination and portfolio management.
Under the programme, customers will be able to avail commercial and consumer financing at participating Cat dealers. This is intended to provide flexibility for financing parts, servicing and rental needs.
Current Cat Financial Commercial Account members can continue using their existing accounts at related Cat dealers.
Over the coming weeks, Citi will offer a new Cat Commercial Card along with a new account number and replace the existing one.
Citi Retail Services head Craig Vallorano said: “This relationship allows us to expand our deep expertise in the dealer network distribution market space and is an important addition to the Citi Retail Services portfolio.”
Caterpillar Financial Services president Dave Walton said: “Our partnership with Citi on the Cat Card Program brings substantial opportunity to both the Caterpillar enterprise and our customers.”
Cat Financial expects that its customers will benefit from Citi’s existing infrastructure and technological capabilities such as service centres and automated online credit approvals.