Bank of America Merrill Lynch (BoA Merrill) has won a mandate from Silicon Graphics International (SGI) to provide the US-based server and data storage solutions provider with a regional cash and treasury management solution in Asia-Pacific. SGI is to implement the bank’s solution, which will cover payments, receivables, payroll and liquidity management, across its eight markets in the region.
“The solution we have provided SGI in Asia-Pacific speaks not only of efficacy but also of immediacy, both critical elements in today’s demanding business world,” said Ivo Distelbrink, BoA Merrill’s Asia-Pacific head of global treasury solutions who joined at the beginning of February last year after 16 years at Citi, in a statement. “We aim to deliver our clients a unique, comprehensive array of services with a one-stop shop solution across our integrated banking platform.”
“With Bank of America as our Asia-Pacific banking partner, we will now have a single global treasury platform that not only streamlines our payables and receivables processes, but also optimises our investing activities,” said Rick Hurrell, SGI’s financial controller for Asia-Pacific, in a statement. “The partnership will enable us to rationalise the number of bank accounts and consolidate banking activities to a single provider in the region, resulting in tighter control over our cash balances and movements.”
Following Distelbrink’s appointment, BoA Merrill expanded its regional treasury services further with the appointment of Percy Batliwalla and Tim Fleming at the end of March 2010 as regional head of financial institutions treasury sales and regional head of corporate treasury sales, respectively.
In May last year, BoA Merrill was awarded mandates by Singapore-based International SOS and US-based Brady Corporation to cater for their cash requirements in Asia-Pacific. International SOS implemented a multi-currency notional pooling system, while Brady Corporation opted for a cash and liquidity management solution to improve efficiency, visibility and control over the accounts it holds with the bank in 12 Asian countries.
BoA Merrill also expanded Paymode-X, its online payment and invoicing system, in November last year by incorporating it into its supply chain and treasury solution offering.
