Deutsche Bank has opened cash management business in Australia for its multinational clients, adding to its 35 total locations globally.
Out of the 35 locations, 14 locations are in the Asia Pacific (APAC) region.
Go deeper with GlobalData
Deutsche Bank’s cash management services include current accounts, deposit products, domestic and cross-border payments, collections and liquidity management services.
In addition to cash management, Deutsche Bank has been offering trade finance, foreign exchange and trust and agency services in Australia for over five years.
These services are being offered under its corporate transactional banking business.
To support the new business, the bank has added 14 new roles and appointed John Godlonton as the head of cash product in Australia.
How well do you really know your competitors?
Access the most comprehensive Company Profiles on the market, powered by GlobalData. Save hours of research. Gain competitive edge.
Thank you!
Your download email will arrive shortly
Not ready to buy yet? Download a free sample
We are confident about the unique quality of our Company Profiles. However, we want you to make the most beneficial decision for your business, so we offer a free sample that you can download by submitting the below form
By GlobalDataDeutsche Bank Australia interim CEO Glenn Morgan said that adding Australia to its global cash management network will be “a terrific boost for local employees.”
Morgan said: “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.”
Deutsche Bank Australia head of corporate bank Peter Connor added: “Cash Management will expand our footprint by servicing a larger set of our multinational corporates.
“Clients have been asking us to introduce cash management services for some time now so we are excited to add that capability to our product suite.”
Deutsche Bank global head of corporate bank Stefan Hoops said: “Australia presents a significant opportunity for the bank and for our 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.”
Recently, Deutsche Bank divested its IT unit Postbank Systems to India-based technology giant Tata Consultancy Services (TCS).
