Celanese signs for new Deutsche Bank cash management services

Source: Deutsche Bank

Deutsche Bank announced today that it has been chosen by Celanese, a worldwide leader in the industrial chemical industry headquartered in Dallas, Texas, for its newly expanded Global Cash Concentration (GCC) product capabilities.

Celanese approached Deutsche Bank, citing the need to concentrate US dollars effectively from their various European entities into its US entity on a same day basis by centrally managing its US dollar position. Further looking to centralize the management of their US dollar liquidity, Celanese will also be expanding its cash management activities to include the same day movement of its positions from its Asia Pacific office into first, its European, and then, to its US-based operations.

By enrolling in Deutsche Bank's GCC service, Celanese was provided with an automated mechanism that enables its business line to distribute its US dollar liquidity in a manner that meets its US dollar financing needs as they arise between regions. In addition to concentrating funds from East to West, GCC initiates cover funding from the target accounts in the event that Asia Pacific and/or European source accounts end the day in a deficit balance.

Hildegard BeckWestenberger, Head of Cash Management, Corporate Treasury of Celanese AG, said: "We are a longtime client of Deutsche Bank and continue to remain satisfied with this relationship because of the Bank's responsiveness. To accommodate our expanding needs, Deutsche Bank chose to broaden its already extensive suite of liquidity management products to include Global Cash Concentration for our US dollar positions. Corporations are looking for funds to be available on the same business day, regardless of the local time zone differences between source and target funding accounts. The Global Cash Concentration capability automates a process that used to be manual and tedious, allowing treasurers to tighten control over their funds management as well as their daily cash forecasting position."

ReinhardE. Uhl, Head of Trade Finance and Cash Management Corporates, Global Transaction Banking, of Deutsche Bank, said: "Globalization has resulted in new challenges to the treasury and liquidity management arena. Therefore, innovative worldwide solutions are required that integrate local and regional needs to improve working capital, mitigate risk and maximize earning potential. We are pleased to maintain collaborative relationships with our clients such as Celanese so that we can tailor our offerings to meet the evolving needs of treasurers. With the ability to concentrate funds from Asia Pacific to either Europe or New York, as well as from Europe to New York, and a cover funding provision for each, Global Cash Concentration is an extensive solution that caters to the needs of multinational corporate clients today and tomorrow."

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