Unilever consolidates Asian cash management

The UK consumer goods company picks HSBC to manage payments and liquidity management in 17 countries.

Unilever has taken the bold, but increasingly popular, move of consolidating its cash management operations with one bank. The UK consumer goods company has picked HSBC to handle its payments and liquidity management structure across the region.

It is a move likely to be mirrored by other multinational companies in Asia this year as they attempt to reduce transaction costs and improve transparency on accounts. Other benefits include maximizing surplus cash for internal funding and enhancing yield on investments.

Speaking about the move, Shonaid Jemmett-Page, Unilever's senior vice president of finance and IT in Asia, says the benefits for the company will be significant. The project is...

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