Bank of America Merrill Lynch (BAML) has implemented a multi-currency ‘notional pooling’ solution for International SOS in Singapore.
Aimed at helping International SOS enhance its treasury management operations and maximise its internal cash flow from its Singapore-based head office, the solution enables the company to achieve a net notional position in a single currency from Singapore without the need to perform traditional foreign exchange (FX) and/or swaps.
“Cash consolidation of multiple currencies for day-to-day business can be challenging for a corporation,” said Nigel Pool, chief financial officer (CFO) of International SOS. “Bank of America Merrill Lynch understood our needs and was able to recommend a practical and workable solution. The bank’s consistent quality of service and value proposition continues to make it our partner of choice.”
Under this arrangement, the bank will maintain a series of accounts denominated in different currencies in Singapore. International SOS then chooses a base currency into which its various currency account balances are ‘notionally pooled’, allowing it to move funds into or out of these accounts throughout the day to meet its global working capital requirements.
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