by Joep Pessers, Treasury Manager, Fabory Group
Until 2004-5, treasury at Fabory was decentralised, with each local finance function managing its own bank relationships and credit facilities; however, we recognised that this arrangement was causing a variety of issues:
i) It was difficult to establish a global view of counterparty risk;
ii) The cost of borrowing was high without the ability to leverage the higher credit rating of the holding company;
iii) Bank relationships were fragmented, with a lack of economy of scale and disparate contractual arrangements, cost structures and technology;
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