Best overall bank for Cash Management - Middle East
Best bank for Liquidity Management - Middle East
Best bank for Payments & Collections - Middle East
Pan-regional presence and a well-established footprint in the Middle East clinched three awards for HSBC's Payments and Cash Management (PCM) division recently, underlining the bank's commitment to delivering internationally best-in-class solutions to governments, multinationals and corporations in the region.
For the awards, HSBC's PCM team was able to submit case studies to the judging panel which clearly demonstrate how working closely with treasurers and CFOs around the region has enabled them to deliver improved cash flow and working capital efficiency for regional customers through HSBC systems.
The MENA PCM team closed its first cross border cash concentration deal in 2010, for a customer operating in Kuwait, Jordan and Egypt. In the UAE, one large corporation implemented a full electronic payments platform, which then led to further projects including Group Payroll, Post-Dated Cheque (PDC) Warehousing, Cash Collections, Electronic Payments, Automated reconciliation, Receivables Finance and Cash Forecasting.
"Our breadth of reach and depth of expertise in the Middle East give our customers confidence that our solutions will deliver best-in-class performance and functionality, resulting in a reduction of risk throughout the working capital cycle by improving payments and collection processes, and providing global visibility and ready access to liquid funds," commented Natasha Patel, Head of PCM, HSBC MENA.
"Furthermore, we have been able to leverage HSBC's long history in the region to develop close working ties with many of the regional regulators, who are proactively looking for best-practice solutions to develop their own cash management needs," added Patel. HSBC PCM has worked closely with governments and regulators in Saudi Arabia, through partners SABB, as well as Egypt, Bahrain, Jordan, Kuwait, Oman, Lebanon, Pakistan and Qatar.
"In today's competitive global economic environment, treasurers need the best tools and advice available to make capital work harder than ever," says Joseph D. Giarraputo, Global Finance.
"Our awards identify the banks and providers of products and services that consistently improve transaction processes to speed collections and reduce risks."
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HSBC in the Middle East
HSBC is the largest and most widely represented international bank in the Middle East. HSBC Bank Middle East Limited has 53 branches throughout the United Arab Emirates, Oman, Bahrain, Qatar, Kuwait, Jordan, Lebanon, Pakistan, Algeria and the Palestinian Autonomous Area. In addition to the branch network HSBC maintains a representative office in Tripoli, Libya. This extensive regional coverage is strengthened by HSBC Bank Egypt SAE; HSBC Saudi Arabia Limited; SABB Securities Limited; SABB Takaful Co.; and Dar Es Saalam Investment Bank.
Media enquiries: Aimee Peters, Corporate Communications - HSBC MENA - Commercial Bank aimeepeters@hsbc.com +971 4 423 5608
© Press Release 2011
