Bank of America said Formica had previously used another bank and had won the mandate following a competitive exercise.
Bank of America initiated the implementation in Taiwan and is now rolling it out to FormicaÆs five other markets in the region - Korea, Hong Kong, China, Singapore and Malaysia. The scope will extend as the company expands in the region and Bank of America will continue to provide cash management solutions.
Richard Brown, head of global treasury services for Asia, says: ôOne of the key factors to winning this mandate was Bank of AmericaÆs experience in consolidating a decentralised system with many accounts and bank relationships around the region into a more manageable and transparent solution. This gives the global treasurer better control, higher efficiency and lower financing costs."
Brown says Formica is a client of Bank of America's in the US and Canada, and has recently also mandated the bank in Europe and the Middle East.
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