Cash & Liquidity Management

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Cash Management in a New World TMI presents a discussion between treasurers in the Netherlands and Luxembourg, and BNP Paribas executives. Helen Sanders, TMI Editor, chaired the discussion, which focuses particularly on the current priorities for the corporate treasurer within the broad subjects of cash management, working capital and corporate-to-bank relationships.

Cash Management in a New World

Introductions

Martijn van Steenpaal

I work as Treasury Manager for VION Food Group. VION Food Group, headquartered in Eindhoven (the Netherlands), is a global food company that produces high quality foodstuffs and ingredients for people and animals. We specialise in fresh meat, processed meat, frozen vegetables and vegetarian products, as well as ready-to-cook meals and convenience food. We also produce the best possible ingredients for the food and pharmaceutical markets. VION Food Group employs over 27,000 staff worldwide and its annual turnover is € 9.0bn. This has made VION one of the leading companies in the Netherlands and a major global food company. Its head office provides support to its operating divisions. Together with the management of the various branches, the head office develops the corporate strategy and creates the preconditions to enable all branches to generate optimum business returns. As part of my role, I am responsible for cash management for the company.

Marc Rutten

I am from Royal Cosun, one of the largest agricultural cooperatives in the Netherlands. It is owned by some 10,000 sugar beet farmers in the Netherlands, and has a turnover of a little less than €2bn. The business comprises three parts: Suiker Unie, which is the sole producer of sugar in the Netherlands with a total European market share of around 8%; secondly, Aviko potato products, including French fries and speciality potato products. The third part is more varied, involving natural food ingredients. Our treasury is quite small, with two and a half FTE. My primary role is running a full service front office, which includes cash management.

Johan Claudot

My name is Johan Claudot, and I work for RTL Group in Luxembourg. RTL Group is the leading European entertainment network, with interests in 39 television channels and 32 radio stations in 10 countries and content production throughout the world. The television portfolio of Europe’s largest broadcaster includes, for example, RTL Television in Germany, M6 in France, and the RTL channels in the Netherlands, Belgium, Luxembourg, Croatia and Hungary. RTL Group’s flagship radio station is RTL in France, and it also owns or has interests in other stations in France, Germany, Belgium, the Netherlands, Spain and Luxembourg. RTL Group’s content production arm, FremantleMedia, is one of the largest international producers outside the US. Each year, it produces 9,500 hours of programming across 57 countries. In the treasury team we have eight people; I have recently been in charge of implementing SWIFT connectivity for the group, and also new bank relationships and cash management structures in various countries.

The first priority now is credit: know your partner, know what you do, understand the product that is being sold and what you are investing in. 

Paul van Oorschot

I joined BNP Paribas in October, to roll out BNP Paribas growth strategy in the Dutch wholesale market. Although BNP Paribas acquired a large international network with Fortis Belgium, the Netherlands business was separated and is now merged with ABN AMRO. It is a priority for BNP Paribas to extend its network in the Netherlands to satisfy our clients’ pan-European and global requirements and provide greater choice to Dutch mid- and large-sized corporations. 

Robert Mol

I am the head of cash management for BNP Paribas in the Netherlands. If you look at cash management within BNP Paribas, then the Netherlands is one of the biggest cash management hubs outside our domestic markets, as the country is an attractive place to locate your cash pools. We have extraordinary products such as notional cash pooling, which is strongly related to the Netherlands. Our objective is to become a quasi-domestic player in the Netherlands, so not only will we continue to develop our international products but also local cash management products that are competitive with existing domestic retail banks.

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