Source: Deutsche Bank
Ping An Bank (PAB) and Deutsche Bank today signed a Memorandum of Understanding expanding their cash management relationship by utilizing Deutsche Bank's US Dollar (USD) Clearing for Commercial and Treasury Payments Solution via its Autobahn App Market.
The Autobahn App Market allows clients like PAB to access real-time information reporting services which, combined with liquidity and investment services, improves forecasting capabilities enabling PAB to maximize earnings from their liquidity flows. Deutsche Bank's Treasury Clearing Solution is designed to help PAB improve efficiency of intraday cash flows by providing services to control payment prioritization and manage complex payment arrangements.
Headquartered in Shenzhen, PAB is a listed commercial bank that provides comprehensive financial services to corporate and individual customers. It was formed after the merger of Shenzhen Development Bank, the first listed commercial bank in China that went public in April 1991, and the former Ping An Bank. PAB has a network of over 500 outlets in China and a representative office in Hong Kong.
Mr. Hu Yuefei, Executive Vice President at Ping An Bank, said, "We are delighted to expand our long-standing relationship with Deutsche Bank especially in USD payment clearing for both commercial and treasury payments. We truly believe this will enable us to achieve higher efficiency when providing USD payment services to our corporate and retail clients."
"We are pleased to provide a unique and convenient access point in the Autobahn App Market for PAB and their clients to extract more value from their USD cash flows," said Nancy So, Asia Pacific Head of Cash Management for Financial Institutions Sales, Deutsche Bank. "Building on our existing relationship, PAB will continue to benefit from Deutsche Bank's world-class USD clearing platform."