Treasury Today Country Profiles in association with Citi

Winners, 2010 Adam Smith Awards

2010 Awards Winners

Below is a list of the corporate Winners and Highly Commended of the Treasury Today Adam Smith Awards 2010. Scroll down to read about all the winners

Group photo of the 2010 Adam Smith Award winners.

Winners

Treasury Today’s Top Treasury Team, Winner – Richard Parkinson, Cynthia Torsney, Mike Scalora, Tara Mathew and Jason Debolt from Google’s Treasury Team.

Treasury Today’s Top Treasury Team

Winner: Treasury Team, Google

The winner of this year’s Top Treasury Team Award goes to the treasury team at Google. They have quite simply set the benchmark for best practice and, especially, innovation with the projects they have implemented or are in the process of implementing. These range from outsourcing and risk to technology and even the development of the fi rst ‘green’ trading room. A stunning team effort.

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Highly Commended:

Microsoft, Starwood Hotels

Bank Relationship Management, Winner – Richard Parkinson, Stefan Jaskulak and Corrie Bowman, Wells Fargo.

Bank Relationship Management

Winner: Joya De Foor, Crista Binder and Stefan Jaskulak, City of Los Angeles

The primary problem facing the treasury department was to bring the City's operations 30 years forward. Working with Wells Fargo Bank, the treasury department redesigned, re-engineered and overhauled the City’s banking structure.

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Highly Commended:

Atasay, EDF

Global Liquidity Management, Winner – Richard Parkinson, Mathias Meisel, Claus Pahlke, Deutsche Bank and Sascha Schollmeyer, Zurich Financial.

Global Liquidity Management

Winner: Pierre Wauthier and Mathias Meisel, Zurich Financial

This solution, implemented in association with Deutsche Bank, is the fi rst of its kind, tackling one of the hottest topics in the insurance world, namely the active management of the group’s entire global liquidity.

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Highly Commended:

Firmenich, Indesit

Payables and/or Receivables Solutions, Winner – Richard Parkinson and Bart Wenstrom from Microsoft accepting on behalf of Stephanie Alston.

Payables and/or Receivables Solutions

Winner: Stephanie Alston, Microsoft

This entry was worthy of consideration across several categories but because of the outstanding benefi ts achieved in Microsoft’s Day’s Sales Outstanding (DSO) and Cash Conversion Cycle (CCC) metrics, the solution won in the Payables and/or Receivables category.

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Highly Commended:

Omnicom, ConocoPhillips

Outstanding Insourcing/Outsourcing, Winner – Richard Parkinson, Panji Winanteya Ruky and Carolien Van Rossum-Bronmeijer, Bank Mendes Gans.

Outstanding Insourcing/Outsourcing

Winner: Panji Winanteya Ruky, Honeywell International Inc.

This is classic inter-company invoice netting solution developed with Bank Mendes Gans (BMG). By December 2009, Honeywell had effectively outsourced its netting programme, comprising 475 business units averaging over 3,500 invoices per month with total value of $750m.

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Highly Commended:

Google, CITIC Pacific

Best Card Solution, Winner – Richard Parkinson, Jim Colby from Honeywell accepting on behalf of Michael Suriano and Swati Mitra, Citi.

Best Card Solution

Winner: Michael Suriano, Honeywell International Inc.

Using six-sigma tools and working as a multi-functional team, Honeywell was able to quickly move to awarding Citi their business. The new corporate credit card will improve merchant acceptance by approximately 20 percentage points while providing multi-million dollars of incremental fi nancial benefi t.

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Highly Commended:

AstraZeneca, Marriott Hotels

Best Corporate Debt Solution, Winner – Richard Parkinson, Rick Martin, Ruchi Kaushal and Dominic Beattie from Virgin Media and Nick Jansa, Deutsche Bank.

Best Corporate Debt Solution

Winner: Rick Martin, Virgin Media

Virgin Media has fundamentally changed the capital structure of its business with this solution. The company have been rewarded with a massive drop in their CDS’s as the success of the refi nancing efforts became clear, and improvements to their credit ratings. This has been achieved in conjunction with their banking partners, including Deutsche Bank as agent, and their lawyers, Fried Frank.

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Highly Commended:

Logica plc, SAP AG, Honeywell International Inc.

Effective Risk Management, Winner – Richard Parkinson and Cynthia Torsney from Google accepting on behalf of Axel Martinez.

Effective Risk Management

Winner: Axel Martinez, Google

Faced with the increasing costs of hedging with an options portfolio and a weaker dollar resulting in more options expiring out-of-the-money, Google needed a new approach to measure the performance of its hedging programme. Google determined that it should establish a benchmark to measure the performance of the options portfolio.

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Highly Commended:

Hewlett-Packard, Colgate-Palmolive

Mid-market Treasury, Winner – Richard Parkinson, Alexandre Simon, Thierry Kreins, Flagstone Re and Paul Wheeler, Wall Street Systems.

Mid-market Treasury

Winner: Alexandre Simon, Flagstone Re

Paper is now history with this online multibank solution. Wall Street Systems is the primary solution provider, with Fides as an integrated Wallstreet Treasury SaaS partner. The benefi ts gained include productivity, speed and scalability.

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Highly Commended:

SEMIKRON

Harnessing the Power of Technology, Winner – Richard Parkinson and Daniel Workinger.

Harnessing the Power of Technology

Winner: Daniel Workinger, Honeywell International Inc.

Honeywell has harnessed its own technology to stunning effect with this in-house developed web-based tool (FX Web-tool). The tool collects all of Honeywell’s global foreign exchange exposures and then facilitates straight through processing with FXall (the company's FX trading system) and the company’s treasury workstation.

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Highly Commended:

Google, Virgin Atlantic

Best SEPA Solution, Winner – Richard Parkinson, Thorsten Brühl, Markus-Maria Hoffmann and Karsten Becker from Deutsche Bank.

Best SEPA Solution

Winner: Thorsten Brühl, DKV Euro Service

The SEPA direct debit provided DKV with the long-awaited opportunity to facilitate and accelerate collections across Europe and to signifi cantly improve its liquidity and risk position. The pilot project, supported by Deutsche Bank, has enabled DKV to better understand and manage the SEPA B2B processes.

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Highly Commended:

Google, Würth Finance Intl.

Treasury Today in China, Winner – Richard Parkinson and Michael Guralnick, Citi accepting on behalf of Fred Tang.

Treasury Today in China

Winner: Fred Tang, Unilever (China)

Using Citi in China, Unilever has implemented a supplier fi nance solution, which is attractive from both an economic and operational point of view for both Unilever China and its suppliers. Supplier fi nance is also an extremely innovative solution in the China market.

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Highly Commended:

Caterpillar China, CNOOC Ltd

One to Watch, Winner – Richard Parkinson, Neslihan Yakal and Melis Tosun Arslan, TEB.

One to Watch

Winner: Neslihan Yakal, adidas Turkey

This solution is a mobile instruction workfl ow portal system. Mobil-ink, as it is known, has been designed to cover all of the different banking instructions used by adidas Turkey. The solution provider in this project is TEB of the BNP Paribas network.

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Highly Commended:

Google, Hewlett-Packard

Highly Commended

Treasury Today’s Top Treasury Team, Highly Commended – Richard Parkinson and Bart Wenstrom from Microsoft collecting on behalf of Stephanie Alston.

Treasury Today’s Top Treasury Team

Highly Commended: Stephanie Alston, Microsoft

Microsoft Treasury’s Credit and Collections solution wins this award due to the combination of collaboration with teams across the organisation, utilisation of technology with little to no cost to Microsoft and the implementation of improved processes.

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Winner:

Google

Treasury Today’s Top Treasury Team, Highly Commended – Richard Parkinson, Jack P Spitzer, Ciaran Brady, Bank of America Merrill Lynch and Vincent Debusscher, HSBC.

Treasury Today’s Top Treasury Team

Highly Commended: Jack P Spitzer, Starwood Hotels

Starwood Hotels have achieved signifi cant gains in visibility, effi ciency and control (SOX 404). To take the STP process a step further, the team built in automated programmes to execute fi les without human intervention. The team’s two main bank partners thus far are Bank of America Merrill Lynch and HSBC.

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Winner:

Google

Bank Relationship Management

Highly Commended: Ekrem Tosun, Atasay

Working with Garanti Bank, Atasay has implemented a new fi nancial model, known as ‘Golden Key’, leveraging the bank’s innovative approach, capability for fi nding quick solutions with its state of the art technology and experience of being a pioneer.

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Winner:

City of Los Angeles

Bank Relationship Management, Highly Commended – Richard Parkinson, Gilbert Labbé, Claudie Gaudin and Marie Laurence Faure, BNP Paribas.

Bank Relationship Management

Highly Commended: Gilbert Labbé, EDF

This solution focused on the SWIFT eBAM (electronic bank account management) initiative using ISO 20022 message standards with BNP Paribas. As a result of this project EDF now views eBAM as a catalyst to extend their STP procedures.

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Winner:

City of Los Angeles

Global Liquidity Management, Highly Commended – Richard Parkinson, Hervé Corré and Anita Diriwaechter, RBS.

Global Liquidity Management

Highly Commended: Philippe Farine and Hervé Corré, Firmenich

Firmenich appointed RBS to implement a global USD cash concentration/pooling structure. This elegant solution brings the bulk of the company’s global cash fl ows into London, taking advantage of the most benefi cial cut-off times in Europe.

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Winner:

Zurich Financial

Global Liquidity Management, Highly Commended – Richard Parkinson, Mustafa Kiliç, Ferry Veerman, Bank Mendes Gans and Cefas van den Tol, ING.

Global Liquidity Management

Highly Commended: Mustafa Kiliç, Indesit

Indesit wanted to operate the most effi cient liquidity management system they could fi nd. Working with their partner banks ING and Bank Mendes Gans they established a ‘hybrid’ cash pooling solution.

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Winner:

Zurich Financial

Working Capital Management/Financial Supply Chain, Highly Commended – Richard Parkinson, Reinoud Mangelmans and Swati Mitra, Citi.

Working Capital Management/Financial Supply Chain

Highly Commended: Reinoud Mangelmans, Philips

Philips chose Citi as its supply chain fi nance business partner, leveraging its experience to deliver a robust and innovative solution that addressed all the critical success factors. Importantly, the solution delivers economic value for both Philips and its supply chain partners.

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Working Capital Management/Financial Supply Chain, Highly Commended – Richard Parkinson, Andrew Sneddon from Procter & Gamble accepting on behalf of Patricia Ana Remula and Michael Guralnick, Citi.

Working Capital Management/Financial Supply Chain

Highly Commended: Patricia Ana Remulla, Procter & Gamble Asia

This solution is not only a breakthrough liquidity management tool in Asia, but a testament to the partnership between P&G and Citi. Through this project P&G was able to generate incremental interest income, and minimize the manual work effort involved in investing working capital excesses.

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Payables and/or Receivables Solutions, Highly Commended – Richard Parkinson, John Voorhis, Lynn Conover, Wells Fargo and Chris Leahy, Union Bank.

Payables and/or Receivables Solutions

Highly Commended: John Voorhis, Omnicom

This solution involves two key components; a remote deposit capture (RDC) account to handle paper receipts and an electronic receipt capture (ERC) account to handle electronic receipts. Union Bank and Wells Fargo Bank were chosen for RDC and ERC respectively.

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Winner:

Microsoft

Payables and/or Receivables Solutions, Highly Commended – Richard Parkinson, Carole Berndt, Bank of America Merrill Lynch and Steve Donovan from ConocoPhillips accepting on behalf of Judy Bouchard.

Payables and/or Receivables Solutions

Highly Commended: Judy Bouchard, ConocoPhillips

This was a team effort at ConocoPhillips to centralise the European fi nancial shared services (EFSS) cash and banking unit. The solution includes global standard processes and procedures such as host-to-host connectivity with Bank of America Merrill Lynch.

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Winner:

Microsoft

Outstanding Insourcing/Outsourcing, Highly Commended – Richard Parkinson and Cynthia Torsney from Google collecting on behalf of Tony Altobelli.

Outstanding Insourcing/Outsourcing

Highly Commended: Tony Altobelli, Google

Google was able to triple the current yield on its portfolio in just six months during a time of very low interest rates by changing its asset allocation strategy and outsourcing the management of nearly $4 billion of company cash balances to professional money managers who are experts in credit related asset classes.

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Winner:

Honeywell International Inc.

Outstanding Insourcing/Outsourcing, Highly Commended – Richard Parkinson, Bernard Kwan, Claudia Fox and Marzio Trotta, Reval.

Outstanding Insourcing/Outsourcing

Highly Commended: Bernard Kwan, CITIC Pacific

The Reval CenterTM solution which CITIC Pacifi c selected leverages an SaaS platform combined with its deep pool of fi nancial engineers and technical accounting specialists, skilled in the intricacies of FAS and IAS, to process CITIC’s accounts.

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Winner:

Honeywell International Inc.

Best Card Solution, Highly Commended – Richard Parkinson, Joanne Edwards from AstraZeneca and Barbara Harrison, Citi.

Best Card Solution

Highly Commended: Treasury Team, AstraZeneca

This solution represents the third and fourth phases of an ongoing card programme which AstraZeneca has been implementing with Citi. The company now have a ‘best-in-class’ T&E card programme which spans multiple countries and continues to grow, with the plan of implementing additional countries in 2010.

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Winner:

Honeywell International Inc.

Best Card Solution, Highly Commended – Cate Luzio, J.P. Morgan, Richard Parkinson, Angela Robson and Helen Ford from Marriott Hotels.

Best Card Solution

Highly Commended: Helen Ford, Marriott Hotels

Using J.P. Morgan, Marriott Hotels implemented both the Purchasing & Travel Card across their UK hotels and regional offi ces. The solution delivered process effi ciencies and improvements in DPO as a result of the fast time taken to implement the solution, realising the benefi ts much more quickly than anticipated.

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Winner:

Honeywell International Inc.

Best Corporate Debt Solution, Highly Commended – Richard Parkinson, Nigel Batley, HSBC, Tim Allison and Maria Elkin from Logica, Sandra Bowhay, HSBC and Vaidya Viswanathan from Logica.

Best Corporate Debt Solution

Highly Commended: Tim Allison, Logica plc

The objective was to complete its refi nancing without requesting extensions to existing bank facilities. As an unrated company, this was a challenge that needed creative thought by the company and its relationship banks. The issue was largely solved when Logica and HSBC signed a £100m receivables fi nancing facility in July 2009.

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Winner:

Virgin Media

Best Corporate Debt Solution, Highly Commended – Richard Parkinson, Steffen Diel, Cefas van den Tol, ING, Jan Dirk van Beusekom, BNP Paribas, Nick Jansa, Deutsche Bank and Wolfgang Zauner, J.P. Morgan.

Best Corporate Debt Solution

Highly Commended: Steffen Diel, SAP AG

SAP AG decided to tap the market via an unrated corporate bond issue. The target volume of €750m (+/- € 250m) was ambitious given the unrated status of the issuer. This was SAP’s debut transaction in the bond market and set a remarkable implicit rating benchmark for SAP and increased capital market visibility signifi cantly.

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Winner:

Virgin Media

Best Corporate Debt Solution, Highly Commended – Richard Parkinson, Jim Colby and Joel Van Dusen, Bank of America Merrill Lynch.

Best Corporate Debt Solution

Highly Commended: Jim Colby, Honeywell International Inc.

Honeywell was able to lower interest expense by $46m and improve bank credit capacity heading into the renewal of its $2.8 billion multi-year CP backstop credit facility. Royal Bank of Canada became Honeywell’s new agent on the Trade Accounts Receivable securitisation programme. Goldman Sachs and Bank of America Merrill Lynch were instrumental in opening up the long-dated CP market.

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Winner:

Virgin Media

Effective Risk Management, Highly Commended – Richard Parkinson and Cristina Tate.

Effective Risk Management

Highly Commended: Cristina Tate, Hewlett-Packard

The goal was to develop a ‘best-in-class’ enterprise risk management (ERM) programme to enable the company to effectively and effi ciently identify, assess, and manage its most signifi cant risks on an ongoing basis.

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Winner:

Google

Effective Risk Management, Highly Commended – Richard Parkinson and Chen Seong Joon.

Effective Risk Management

Highly Commended: Chen Seong Joon, Colgate-Palmolive

Colgate’s approach to integrating centralised global FX trading processes, using ERP functionality, is truly a solid example of innovatively leveraging best practices and technology to achieve concrete business benefi ts in the area of risk management.

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Winner:

Google

Mid-market Treasury, Highly Commended – Richard Parkinson, Thomas Dippold and Nadine Scheffler, SEMIKRON, Sven Johannesmeier, HSBC, Markus Wendel, SEMIKRON and Mathias Deschner, Bellin.

Mid-market Treasury

Highly Commended: Thomas Dippold, SEMIKRON

The SEMIKRON Excellence in Treasury Initiative (SETI) was initiated with fi ve key pillars as objectives. HSBC Trinkaus delivered the banking solution, including centralisation of SEMIKRON’s euro bank accounts in Germany and a zero balancing structure with Bellin implementing its treasury system. Schwabe, Ley & Greiner provided consultancy on the project.

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Winner:

Flagstone Re

Harnessing the Power of Technology, Highly Commended – Richard Parkinson, Tara Mathew and Jason Debolt from Google collecting on behalf of Brent Callinicos.

Harnessing the Power of Technology

Highly Commended: Brent Callinicos, Google

The use of FGB instruments was highly automated, except for the settlement process. After carefully reviewing the plethora of options available to settle FX transactions supporting FGB trading, Google chose an innovative industry solution called Continuous Linked Settlement (CLS). State Street, the custodian, settles all FGB currency conversions and holds custody of the underlying bonds.

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Winner:

Honeywell International Inc.

Harnessing the Power of Technology, Highly Commended – Richard Parkinson, Edward Collis and Vic Davis from Virgin Atlantic and Martin Bellin, Bellin.

Harnessing the Power of Technology

Highly Commended: Edward Collis, Virgin Atlantic

Virgin Atlantic’s decision to use Bellin’s treasury platform technology provided the fi rst corporate to use Citi’s CMX platform and fi rst corporate to use Bank of America Merrill Lynch’s Paymode Passthru. In addition, the use of IS0 20022 XML fi le format and ‘plug and play’ technology has helped to ‘future-proof’ the solution.

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Winner:

Honeywell International Inc.

Best SEPA Solution, Highly Commended – Richard Parkinson, Mike Scalora from Google accepting on behalf of Ronni Horrillo and Swati Mitra, Citi.

Best SEPA Solution

Highly Commended: Ronni Horrillo, Google

Google’s adoption of the SEPA Credit Transfer (SCT) coincided with their implementation of Citi® File Xchange (CFX). As a technology-driven company with a commitment to excellence in everything that Google does, and an early adopter of CFX and SCT, the company’s initial testing was highly disciplined and rigorous.

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Winner:

DKV Euro Service

Best SEPA Solution, Highly Commended – Richard Parkinson, Daniel Ochsner and Gerhard Bystricky, UniCredit.

Best SEPA Solution

Highly Commended: Daniel Ochsner, Würth Finance Intl.

Würth Finance has one of the fi rst payment factory solutions which uses integrated direct SWIFT connectivity. The full integration of SEPA XML messaging from SAP-ERP system, including Bank Communication Management via SWIFT FileAct connectivity to UniCredit’s SEPA Payments engine offers Würth considerable benefi ts.

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Winner:

DKV Euro Service

Treasury Today in China, Highly Commended – Richard Parkinson, Martin Bina from Caterpillar and Michael Guralnick of Citi accepting on behalf of Fiona Yang.

Treasury Today in China

Highly Commended: Fiona Yang, Caterpillar China

Citi offered Caterpillar a fully automated end-to-end cash management solution without manual intervention. Furthermore, Caterpillar went beyond their original intention of merely setting up an SSC in China. Caterpillar’s execution of this project is world class and consistent with its deployment of six sigma methodology.

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Winner:

Unilever (China)

Treasury Today in China, Highly Commended – Richard Parkinson and Alice Zhang from CNOOC Ltd. accepting on behalf of Xiaofeng Huang.

Treasury Today in China

Highly Commended: Xiaofeng Huang, CNOOC Limited

CNOOC’s TMS system was the fi rst project in which SunGard joined forces with a leading Chinese company. The solution demonstrates perfect collaboration between a corporation, bank and a world leading TMS software vendor which delivered best practice in terms of high security protocols and SOX 404 compliance.

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Winner:

Unilever (China)

One to Watch, Highly Commended – Richard Parkinson and Mike Scalora from Google accepting on behalf of Vincent Doromal.

One to Watch

Highly Commended: Vincent Doromal, Google

Google is currently in the process of building an Oracle-to-Quantum (SunGard) interface that will allow Oracle to feed inter-company transaction information to Quantum. Oracle will provide Quantum with information that Quantum will then use for inter-company settlements.

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Winner:

adidas Turkey

One to Watch, Highly Commended – Richard Parkinson, Ashraf Jagirdar and Barbara Harrison, Citi.

One to Watch

Highly Commended: Ashraf Jagirdar, Hewlett-Packard

HP is currently at the stage of collating bank account details and training authorised users on this eBAM solution developed with Citi. The solution has therefore been awarded a Highly Commended entry in the ‘One to Watch’ category.

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Winner:

adidas Turkey