A Virtual Approach to Treasury & Payments Centralisation

by Yann Guengant, Assistant Group Treasurer, Pierre Fabre Laboratories

Pierre Fabre’s Group Treasury is made up of five people, who manage the treasury requirements for France, which includes both the holding company and 40 subsidiaries. The company is also present in a further 35 countries which have not historically been covered by Group Treasury. 

Project objectives

We recognised that our decentralised approach to treasury and cash management made it difficult to apply consistent policies and procedures globally, which in turn restricted our visibility and control over cash, cash management efficiency and ability to monitor and manage risk proactively. We therefore made the decision to centralise and standardise our approach to treasury and cash management at a global level. This comprised two key objectives:

Firstly, to establish a global centre for treasury and cash management and optimise treasury operations. Our aim is to accelerate the velocity of the cash by extending the reach of treasury so that although in-country finance teams will continue to perform local payments and collections within a global framework, other financial activities such as cash management, FX, interest rate and counterparty risk management, trade finance, financing and investment, will be conducted directly by Global Treasury. 

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