Deutsche Bank has added to its global network of Cash Management locations with the establishment of a new business in Australia. The bank now operates cash management services in 35 locations globally, 14 of which are in Asia Pacific.
The bank's interim CEO for Australia, Glenn Morgan, says adding the country to the bank’s global network of cash management businesses will be a terrific boost for local employees. “Launching a new business that is a key to the bank’s global growth and global client base reaffirms the commitment to our local franchise as a whole,” said Morgan.
14 new roles have been added to support the new business, including John Godlonton who joins from Deutsche Bank Singapore as head of Cash Product, Australia. The business offers a range of services including current accounts and deposit products, domestic and cross-border payments and collections as well as liquidity management services.
Strategic importance of cash management
Cash management is strategically important for the bank’s Australian franchise.
“Cash Management will expand our footprint by servicing a larger set of our multi-national corporates," commented Peter Connor, DB Australia’s Head of Corporate Bank. "Clients have been asking us to introduce cash management services for some time now so we’re excited to add that capability to our product suite. We are in a strong competitive position and are confident we can build market share.”
Deutsche Bank has operated a Corporate Transactional Banking business in Australia for over five years providing a range of products including trade finance, foreign exchange and trust and agency services. The bank says that cash management rounds out that offering.
“Australia presents a significant opportunity for the bank and for our European clients operating there," noted Stefan Hoops, global head of Corporate Bank at Deutsche Bank. "Over 250 of our existing global Cash Management clients operating there are using other banks and our initial dialogue with them around our new business has been really encouraging. We also plan to expand our coverage of domestic clients with global needs.”
“During the current crisis, it became very clear that it is even more important for treasurers to analyse and act upon the continuously evolving developments in the market," concluded Ole Matthiessen, Deutsche Bank's global head of Cash Management. "Thus, investing in our global footprint is also a sign to our clients that we are even more committed to be a part of the solution in these unprecedented circumstances."
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