WEX Signs Long-Term Private Label Agreement with CITGO
SOUTH PORTLAND, Maine--(BUSINESS WIRE)-- WEX Inc. (NYS: WEX) , a leading provider of corporate payment solutions, today announced it has signed a long-term agreement to provide private label and co-branded universal fleet card services to CITGO Petroleum Corporation.
Through this agreement, WEX will issue fleet cards, provide related payment services to CITGO customers, and convert the CITGO fleet card portfolio to its platform. This provides customers with a complete range of information, features and functionality to manage their fleets. Together, WEX and CITGO will build a comprehensive sales and marketing program for direct sales and will also support the local efforts of CITGO marketers and retailers representing more than 6,000 branded retail locations.
"We're excited to add the CITGO brand to our private label portfolio and to leverage its strong market presence in the Eastern United States," said Ken Janosick, senior vice president of fleet payment solutions at WEX. "The agreement with CITGO underscores our commitment to growth in the North American fleet market and offers fleet customers another robust fleet card program option with one of the most recognized brands in the industry."
The new program will include a competitive rebate offer on CITGO fuel through a single-branded proprietary fleet card good only at the CITGO locations, as well as a co-branded universal card, which will be accepted at more than 150,000 fuel and service locations throughout the United States. These commercial offerings will bring value to loyal businesses and CITGO-branded marketers and retailers.
"WEX provides the best competitive offerings for our fleet customers, and by working together, we believe we can substantially grow our fleet business," said Alan Flagg, general manager of light oils marketing for CITGO Petroleum Corporation. "As an industry leader, WEX brings great brand value and superior performance, both of which are important to our marketers and retailers. WEX is a great fit for CITGO in the fleet market."
About WEX Inc.
WEX Inc. (NYS: WEX) is a leading provider of corporate payment solutions. From its roots in fleet card payments beginning in 1983, WEX has expanded the scope of its business into a multi-channel provider of corporate payment solutions representing more than 7.5 million cardholders and offering exceptional payment security and control across a wide spectrum of business sectors. The Company's operations include WEX Bank, Fleet One, Pacific Pride, rapid! PayCard, Wright Express Australia, Wright Express New Zealand and CorporatePay Limited, England, as well as a majority equity position in UNIK S.A., Brazil. WEX and its subsidiaries employ more than 1,300 associates. For more information about WEX, please visit WEXInc.com.
About CITGO Petroleum Corporation
CITGO, based in Houston, is a refiner, transporter and marketer of transportation fuels, lubricants, petrochemicals and other industrial products. The company is owned by PDV America, Inc., an indirect wholly owned subsidiary of Petróleos de Venezuela, S.A., the national oil company of the Bolivarian Republic of Venezuela. For more information, visit www.CITGO.com.
KEYWORDS: United States North America Maine
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