At HSBC, we partner with our clients across industries and markets, with an extensive on-the ground network of senior bankers with an in-depth understanding of their sectors. The following is a client example of our partnership in the Natural Resources, Utilities and Chemicals sector. As a global business that is growing quickly, multinational gold producer OceanaGold needs a scalable, flexible, cash management and liquidity investment infrastructure.
So, when a reshuffle in its banking group triggered the decision to select a new primary cash management bank, OceanaGold chose HSBC.
In mid 2012, OceanaGold refinanced its debt facilities and reviewed its banking relationships. At the time, the company had mining operations in New Zealand and was constructing a mine in the Philippines, managed from its headquarters in Melbourne, but further international expansion was already in prospect. The company therefore decided to put out a formal tender for a new global cash management provider.
The tender process started in September 2012 and concluded in February 2013 when OceanaGold announced that it was awarding its cash management mandate to HSBC. A number of factors played into this decision, one of which was banking platform consistency. “We were previously having to use two different cash management platforms from the same provider, which was challenging,” says Matthew McConnell, OceanaGold’s Group Treasurer. “The two systems weren’t compatible and required separate login credentials and tokens, so the global consistency of HSBCnet was appealing. In addition, we had received positive feedback on HSBCnet from our Philippine operations where it was already in use.”