Deutsche Bank today announced that it has been mandated by the United Arab Shipping Company (“UASC”) to provide advanced cash management solutions in 18 countries across Europe.
UASC is the largest shipping line in the Middle East, and one of the leading global lines with 185 offices. The carrier currently operates more than 60 container vessels, including the world’s greenest ultra-large container vessel.
Michael Spiegel, Head of Trade Finance & Cash Management Corporates, said, “We are proud to be selected by UASC as it further reflects our expertise in providing global Cash Management solutions to our unique client base. We are proud of our strong track record delivering leading treasury solutions that empower clients to meet the challenges and complexities of their international operations.”
Harold Leenen, Head of Global Transaction Banking for Middle East and Africa added, “We are delighted to receive this mandate from UASC which has recognised our business time and again for its ability to provide innovative and comprehensive solutions to our clients. This is demonstrative of our ability to offer our regional clients local and regional solutions within globally recognised service standards.”
Roderik Flikweert, Vice President Treasury & Investments from UASC said, “As part of UASC’s ambitious global expansion plans and efforts to increase efficiency levels across different functions, we were looking to invest in an advanced cash management framework worldwide in order to strengthen our risk assessment, provide us with better cash control and seamless transactions across the globe”.
“UASC will implement the new solution in Europe first, with plans to roll-out globally”.
“We have a solid relationship with Deutsche Bank, including its participation in financing our current newbuilding program that includes 17 of the largest and greenest vessels ever built, and we believe that their advanced cash management systems will help us achieve our objectives in being efficient in what we do.”
Deutsche Bank is well recognised for its cash management capabilities for Corporate Clients. The Bank was ranked as a top three international cash management provider for Corporates in Euromoney’s 2014 Cash Management Survey and has ranked as a top three FX bank in Euromoney’s FX poll for over 10 years.