HSBC snaps up Indonesia cash mandate

HSBC will provide cash management services to car and motorcycle finance company Indomobil Finance.
HSBC has won a mandate to provide cash management services to PT Indomobil Finance Indonesia IMFI, one of the largest financing companies in Indonesia's car and motorcycle sector.

The mandate forms part of the bankÆs ambition to expand its presence in Indonesia and follows its recent bid for an 89% majority stake in IndonesiaÆs Bank Ekonomi. HSBC has also launched a tender offer for the remaining 11%. The acquisition, which is subject to regulatory approvals, will give it access to Bank Ekonomi's 90 branches in over 20 cities across the country.

Meanwhile, the new cash management mandate will give Indomobil Finance full visibility across its cash positions, including the ability to identify incoming payments...
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