Deutsche Bank today announced that it has been awarded a cash and liquidity management mandate by General Mills across Hong Kong, India, Japan, Korea, Malaysia, Singapore, Taiwan and Thailand.
Deutsche Bank will provide cash and liquidity management services to General Mills, including payables and receivables, automated cross-currency cash sweeping and ERP integration.
This is the second transaction banking mandate awarded to Deutsche Bank by General Mills. In November 2017, Deutsche Bank was mandated as the sole provider for the company’s global financial supply chain program.
General Mills, Inc. is an American multinational manufacturer and marketer of branded consumer foods sold through retail stores. The company markets many well-known North American brands, including Betty Crocker, Yoplait, Häagen-Dazs and Cheerios. Its brand portfolio includes many other leading U.S. brands and numerous category leaders around the world.
Kaushik Shaparia, Global Head of Subsidiary Coverage at Deutsche Bank, said: “General Mills and Deutsche Bank have enjoyed a strong long-standing relationship and we are delighted to be chosen as their primary cash and liquidity management bank in APAC. With our best-in-class client service and strong track record with many multinationals, we believe that General Mills will reap many benefits from this partnership.”
Christopher Emslie, Asia Regional Treasurer at General Mills, said: “We were particularly impressed by Deutsche Bank’s platform and its ability to integrate seamlessly into our ERP systems, as well as the cost savings and efficiencies that we will be able to produce. We look forward to our new partnership in Asia as we start our treasury journey together.”