Deutsche Bank opens cash management business in Australia
German multinational investment bank Deutsche Bank is opening a new cash management service in Australia, offering a range of services including current accounts and deposit products, domestic and cross-border payments, and collections as well as liquidity management services.
To support the new business, 16 roles had been added, including John Godlonton who joined from Deutsche Bank Singapore as head of cash product, Australia.
Glenn Morgan, Deutsche Bank Australia interim chief executive, said adding Australia to the bank’s global network of cash management businesses would be a boost for local employees.
“Launching a new business that is a key to the bank’s global growth and global client base reaffirms the commitment to our local franchise as a whole,” Morgan said.
Peter Connor, Deutsche Bank Australia head of corporate bank, said cash management was strategically important for the bank’s Australian franchise.
“Cash management will expand our footprint by servicing a larger set of our multi-national corporates,” Connor said.
“Clients have been asking us to introduce cash management services for some time now so we’re excited to add that capability to our product suite. We are in a strong competitive position and are confident we can build market share.”
Deutsche Bank had operated a corporate transactional banking business in Australia for over five years providing a range of products including trade finance, foreign exchange and trust and agency services and cash management was the latest offering.
Stefan Hoops, Deutsche Bank global head of corporate bank, said Australia presented a significant opportunity for the bank and for European clients operating there.
“Over 250 of our existing global cash management clients operating there are using other banks and our initial dialogue with them around our new business has been really encouraging; we also plan to expand our coverage of domestic clients with global needs,” Hoops said.
The bank now operated cash management services in 35 locations globally, which included 14 in Asia Pacific.
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