HSBC has promoted Kee Joo Wong tohead of payments and cash management for Asia-Pacific. He replaces John Laurens, who took up the top transaction role at DBS.
Utilising subsidiaries’ cash at the group level has become vital as more Asian corporates move onto the international stage. Bank independence is viewed as the Holy Grail of treasury.
Valspar has added renminbi to its global cash pool currencies through a dividend payment to its US headquarters and has future plans for the Shanghai free trade zone (FTZ).
Dutch hydraulic-cylinder maker Hyva transacted its first renminbi inter-company loan from China to its headquarters, completing its application in just two-and-a-half weeks.