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Deutsche Bank today announced that it has been mandated by the United Arab Shipping Company ("UASC") to provide advanced cash management solutions in 18 countries across Europe.
UASC is the largest shipping line in the Middle East, and one of the leading global lines with 185 offices. The carrier currently operates more than 60 container vessels, including the world's greenest ultra-large container vessel.
Michael Spiegel, Head of Trade Finance & Cash Management Corporates, said, "We are proud to be selected by UASC as it further reflects our expertise in providing global Cash Management solutions to our unique client base. We are proud of our strong track record delivering leading treasury solutions that empower clients to meet the challenges and complexities of their international operations."
Harold Leenen, Head of Global Transaction Banking for Middle East and Africa added, "We are delighted to receive this mandate from UASC which has recognised our business time and again for its ability to provide innovative and comprehensive solutions to our clients. This is demonstrative of our ability to offer our regional clients local and regional solutions within globally recognised service standards."
Roderik Flikweert, Vice President Treasury & Investments from UASC said, "As part of UASC's ambitious global expansion plans and efforts to increase efficiency levels across different functions, we were looking to invest in an advanced cash management framework worldwide in order to strengthen our risk assessment, provide us with better cash control and seamless transactions across the globe".
"UASC will implement the new solution in Europe first, with plans to roll-out globally".
"We have a solid relationship with Deutsche Bank, including its participation in financing our current newbuilding program that includes 17 of the largest and greenest vessels ever built, and we believe that their advanced cash management systems will help us achieve our objectives in being efficient in what we do."
Deutsche Bank is well recognised for its cash management capabilities for Corporate Clients. The Bank was ranked as a top three international cash management provider for Corporates in Euromoney's 2014 Cash Management Survey and has ranked as a top three FX bank in Euromoney's FX poll for over 10 years.
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Deutsche Bank AG
Press & Media Relations
Stuart Haslam
Phone: +971 (0) 44283-860
E-mail: stuart.haslam@db.com
About United Arab Shipping Company
Founded in 1976, UASC is the largest container shipping line in the Middle East and adjacent markets, covering over 240 ports and destinations worldwide. The company's worldwide business is coordinated through five main regional offices: Dubai, Hamburg, Istanbul, Singapore and Atlanta.
About Deutsche Bank Global Transaction Banking
Global Transaction Banking (GTB) provides commercial banking products and services for both corporates and financial institutions, including domestic and cross-border payments, risk mitigation, international trade finance as well as trust, agency, depositary, custody and related services. It comprises the Corporate Cash Management, Trade Finance and Institutional Cash & Securities Services businesses.
Deutsche Bank provides commercial and investment banking, retail banking, transaction banking and asset and wealth management products and services to corporations, governments, institutional investors, small and medium-sized businesses, and private individuals. Deutsche Bank is Germany's leading bank, with a strong position in Europe and a significant presence in the Americas and Asia Pacific.
Disclaimers and disclosures
This press release is for information purposes only and is designed to serve as a general overview regarding services of Deutsche Bank AG, any of its branches and affiliates. The information in this press release relate to services offered by Global Transaction Banking of Deutsche Bank AG, any of its branches and affiliates to customers as of December 2015, which may be subject to change in the future. This press release and the general description of the services are in their nature only illustrative, do neither explicitly nor implicitly make an offer and therefore do not contain or cannot result in any contractual or non-contractual obligation or liability of Deutsche Bank AG, any of its branches or affiliates.
Deutsche Bank AG is authorised under German Banking Law (competent authorities: European Central Bank and German Federal Financial Supervisory Authority (BaFin)) and, in the United Kingdom, by the Prudential Regulation Authority. It is subject to supervision by the European Central Bank and the BaFin, and to limited supervision in the United Kingdom by the Prudential Regulation Authority and the Financial Conduct Authority. Details about the extent of our authorisation and supervision by these authorities are available on request.
Deutsche Bank AG, Dubai (DIFC) Branch is a branch of Deutsche Bank AG located and registered in the Dubai International Financial Centre (DIFC) in the Emirate of Dubai, United Arab Emirates, with registered no. 00062. Principal place of business in the DIFC: Dubai International Financial Centre, Gate Village, Building 5, PO Box 504902, Dubai, United Arab Emirates. Deutsche Bank AG, Dubai (DIFC) Branch is regulated by the Dubai Financial Services Authority ("DFSA") and is authorized to provide Financial Services to Professional Clients only, as defined by the DFSA.
Deutsche Bank AG, Abu Dhabi Branch is a branch of Deutsche Bank AG located in the Emirate of Abu Dhabi, United Arab Emirates and is registered in the United Arab Emirates with Commercial Licence No. 1175182. Principal place of business in the United Arab Emirates: Injazat Building, Mohammed Bin Zayed City, P.O.Box 135056, Abu Dhabi, United Arab Emirates. Deutsche Bank AG, Abu Dhabi Branch is regulated by the Central Bank of the United Arab Emirates.
© Press Release 2015
