The scope of the relationship with the world’s largest multilateral development bank includes euro and other currency payments, investment services, treasury services, foreign exchange and derivatives. ‘Our global approach will reduce the number of banking relationships and resulting account statements that The World Bank must reconcile, from 15 to 20 banks in most Euro zone countries down to one,’ said Oliver Moss, senior sales officer, Global Treasury Services – International Government. ‘Our consolidated service will give The World Bank more efficient account reconciliation, increase operational and cost efficiency and provide centralized customer service – on one global platform. It will have one access point for its accounts in the Euro zone,’ Moss said. In addition to the euro account, Bank of America will also maintain an operating account for The World Bank’s new accounts payable processing center in Chennai, India.
A report by broking group Marsh examines the repercussions from the administration of the South Korean company, which filed for bankruptcy protection at the end of August.
Global research by C2FO suggests that smaller businesses are less concerned with the repercussions of Brexit and the upcoming US presidential election.
A squeeze on skilled talent means it now takes an average of seven weeks to fill open permanent roles in finance in the UK according to new research from financial services recruitment firm Robert Half.
Early-stage merger and acquisition deals in Asia-Pacific show nearly 10% year-on-year growth in recent months.