HSBC’s strategic push to Asia promises explicit investment in transaction banking platforms and lending rates set to undercut existing lenders*, but the shift will be far less substantial than presumed.
With new head Mark Troutman appointed, as well as two new regional coordinators, HSBC is set to launch its global corporate focused sales team for payments and cash management (PCM).
As one of the world’s most important banks for treasurers pivots to Asia, CT speaks to HSBC's head of cash & payments, Kee Joo Wong about the implications for corporates.
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.
Pentair's senior treasury director Terri Scherber takes CT through its new automatic renminbi sweeping and how it is integrating China into global treasury.
A newly established renminbi sweeping solution in the Shanghai FTZ enables Pentair treasurers to incorporate the Chinese currency into its global liquidity pool.
CT's Working Capital Chronicle has been updated. New deals include: Trafigura's revolving credit facility; Hyva's RMB interco. loan; ExxonMobil's electronic trade finance strategy.
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).