Standard Chartered wins regional cash mandate for Shell

Royal Dutch/Shell Group will use the British bank to cover 10 Asian and Middle Eastern markets following a two-year pitch process.

In a big deal for Standard Chartered, the bank has been chosen by oil company Shell to deliver a range of local currency cash management services, including cash concentration, payments, and collections for Shell's network of wholesale and retail operations. The contract covers 10 markets in Asia and the Middle East.

The win comes after a lengthy pitch process that saw many of the region's large cash management banks, including HSBC, Citibank and JPMorgan, bow out due to the far-reaching scope of the mandate and, according to insiders, razor thin margins. With many of the usual challengers out of the game, the final race was run by Standard Chartered and ABN AMRO which...

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