by Jan-Martin Nufer, Director Treasury & Funding, Borealis Group, Austria
In 2007, leading chemicals group Borealis made the strategic decision to insource its treasury transaction execution and processing from a bank’s agency treasury. This ‘ground-up’ restructuring of the treasury function has initiated a transformation in the treasury organisation, culture and activities for which treasury is responsible, as Jan-Martin Nufer, Director of Treasury & Funding outlines in this article.
Organisational change
Borealis has experienced considerable changes in its organisational set-up over recent years. Until 2006, the group was headquartered in Denmark, but following a change in ownership, we relocated to Austria. At that time, our treasury front-office and back-office functions were outsourced to a bank’s agency treasury centre in Dublin. Group treasury focused on financing and decision-making, while transactions were executed and managed by the agency treasury using their treasury management system (TMS).
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