HSBC and Citi awarded richly (Nordics not so)
News site and magazine Treasury Management has finalized its naming of awards winners for 2018 in no less than 51 competition categories. With ”Cash Applied Before Breakfast”, ABB cash in one of 23 corporate recognitions.
”A record number of nominations and submissions”, was noted and ”the standard was higher than ever”. Treasury Management is confident with the level of contributions to the latest yearly round of its TMI Awards for Innovation and Excellence.
Corporate recognitions are issued in 23 categories, while banks and some other actors from the financial sector are up for a sum of 28 awards. The complete list of winners is here, while prize motivations for the corporates are found here.
HSBC top dog
On the bank side, HSBC won the most categories, seven awards including Global Bank of the Year for cash and liquidity management, while Citi took five. BNP Paribas was named Global Bank of the Year for financial supply chain management. JP Morgan Asset Management was named the world’s best money market fund provider.
For Europe, Deutsche Bank won the cash and liquidity trophy, while Citi topped the crop in financial supply chain management.
Global job done by breakfast
The Nordics are poorly represented, lest we place great importance with the Swedish roots of Swiss-based ABB which scored the corporate recognition for highly commended working capital.
The ABB group’s treasury team has implemented an initiative called Cash Applied Before Breakfast (CABB), leading to notable financial transformation. With more than 50 subsidiaries it was meeting a challenge in handling cash application on a local level, when it came to process efficiency, standardisation and cash visibility – in turn weighing on working capital management. The solution came to lie in a roll-out of a global cash application solution under centralized application processing.