Source: ABN Amro
Orica , the Australian mining, consumer products and chemical products multinational, has awarded its European cash management mandate to ABN AMRO's Transaction Banking business.
Under the terms of the mandate, ABN AMRO will handle payments and collections and manage liquidity for Orica's diverse operating units in 11 European countries (Czech Republic, Denmark, UK, Germany, Poland, Portugal, Russia, Slovakia, Spain, Sweden and Switzerland.)
Services will include automated consolidation of balances held with third party banks in each country and upstreaming of funds to a cross currency notional pooling structure in the UK. This structure will enable Orica to streamline its cash management, reducing manual work and ensuring efficient use of working capital across its supply chain.
Frank Micallef, Group Treasurer, Orica, said: "ABN AMRO impressed us with their extensive network in Europe, the strength of their cash and liquidity management solutions and the deep local market knowledge. We look forward to the resulting efficiency benefits."
Anne Boden, Head, Transaction Banking, Europe said: "This is an important new mandate for ABN AMRO and Royal Bank of Scotland and we are delighted to announce this win, which was achieved against stiff competition."
Orica is a multi-billion dollar company and is one of the top 40 companies listed on the Australian Stock Exchange based on market capitalisation.