Bank of America Merrill Lynch (BofAML) Global Transaction Services (GTS) has launched a USD cash management pilot program in the Shanghai Free Trade Zone (Shanghai FTZ) with US-based TRW Automotive (TRW) mandating the firm for a treasury management solution.
“The Shanghai FTZ has rapidly evolved in scope and sophistication and will continue to influence the treasury management decisions at leading corporations with a China presence,” said Cathy Dou, head of Global Transaction Services, China at BofAML. “By participating in the USD cross-border sweeping program, our solution flexibility, client consultancy and demonstrated track record of execution position us at a competitive advantage to service the treasury needs of TRW and other entities operating in the Shanghai FTZ.”
For TRW, BofAML will provide a cross-border USD cash management solution that allows two-way sweeping of surplus funds between the header account in the FTZ and other entities globally and streamlined processes for settlement and FX. The solution also provides TRW payments and collection centralisation advantages designed to help improve efficiency and save on costs.
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.