Treasury Today Country Profiles in association with Citi

This year's winners

2013 Awards Winners

The calibre of entries for the 2013 Adam Smith Awards was extremely high, with 214 entries spanning 25 countries and with every continent represented. Scroll down to read about all the winners

Winner interviews

Winners

Treasury Today’s Top Treasury Team

Winner: Anita Prasad, Pankaj Gudimella and Jayna Bundy, Microsoft

This submission covered the broad and innovative journey of the Treasury Capital Management (TCM) team at Microsoft from developing electronic visibility into its global cash to achieving the ability to move money across multiple banks and countries seamlessly and, now finally to using this rich and complex electronic data set to drive compelling business intelligence. This has enabled the TCM team to earn the trust of its partners and to grow treasury’s strategic impact. Truly a team effort generating over 4 x ROI and a worthy winner of this year’s Top Treasury Team accolade.

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Highly Commended:

AstraZeneca

Treasury Today Woman of the year, Winner – Angela Berry and Maeve Robinson, Omnicom Group.

Treasury Today Woman of the year

Winner: Maeve Robinson, Omnicom Group Inc.

Maeve was nominated by John Voorhis, Director of Treasury Operations at Omnicom. She has demonstrated considerable commitment to the success of the company during close to a 20-year career. Maeve is specifically responsible for all treasury operations across North America but, as you will see from the case study, much more too. Maeve is a deserving winner of this new Award in 2013.

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Highly Commended:

Marie-Astrid Dubois

Judges’ choice, Winner, Richard Parkinson and Jim Colby, Honeywell.

Judges’ choice

Winner: Jim Colby, Honeywell

Anyone wishing to know what Dodd-Frank is all about should call Jim Colby. Honeywell, along with a handful of other companies, played a lead role for the industry in obtaining significant Dodd-Frank regulatory reporting relief. They even testified before the US House Committee on Agriculture that resulted in the introduction of HR 634 in Congress, a bill that would, if enacted, exempt non-financial end users from margin requirements on hedging transactions with banks. Our judges thought this was worthy of a special mention and is, therefore, their 2013 Judges’ Choice winner.

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Lifetime Achievement Award, Winner – Patricia Greenfield, AstraZeneca and Richard Parkinson.

Lifetime Achievement Award

Winner: Patricia Greenfield, AstraZeneca

This is a special Award this year to recognise the contribution that Patricia Greenfield has made to the industry over a career spanning 40 years. Having battled her way from being a ‘runner’ on the male-dominated discount house trading floors to the Head of Treasury at AstraZeneca, Patricia has gained an invaluable, and rarely matched, experience across a wide range of industries. Patricia is due to retire shortly and Treasury Today felt such a career should be celebrated and recognised. We are, therefore, delighted to make this Award to Patricia.

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First Class Bank Relationship Management, Winner – Royston Affonso, HSBC, Ciar Timon, Honeywell and Steve Duranti, BNP Paribas.

First Class Bank Relationship Management

Winner: Ciar Timon, Honeywell

This solution showcases how Honeywell has worked with its two key banks in the Middle East to support its expansion in the region, particularly for their Automation and Control Solutions Strategic Business Group. The manner in which Honeywell worked with their partners in the UAE and Saudi Arabia are key components of the solution.

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Highly Commended:

Coca-Cola Enterprises,
Toyota Financial Services

Best Cash/Liquidity Management Solution, Winner – Brice Zimmerman, Novartis, Marc Espagnon, BNP Paribas and Peter Zumkeller, Novartis.

Best Cash/Liquidity Management Solution

Winner: Finance Transformation Programme, Novartis

The main objectives addressed in this pan-European solution were effective financial risk management and to provide financing and financial services to the operating businesses of Novartis. The solution involves three main banking partners in Europe, improved cash forecasting through system based processes and standardised bank interfaces and file formats.

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Highly Commended:

Dematic Group, Gilead Sciences

Best Short-Term Investment Strategy, Winner – Ben Street and Michal Kawski, Gazprom Marketing & Trading.

Best Short-Term Investment Strategy

Winner: Michal Kawski, Gazprom Marketing & Trading

This is an in-house solution utilising credit and treasury team expertise to deliver STP and top-class exposure reporting across its TMS and Risk Reporting software. The solution has given Gazprom Marketing & Trading the ability to safely maximise returns on cash investments which have increased from £12 billion in 2012 to £22 billion in 1Q13 alone.

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Highly Commended:

Larsen & Toubro

Best AP/AR Solution, Winner – Fabio Sarao, Deutsche Bank, Josiane Farronato and Martin Schlageter from Roche.

Best Working Capital Management/Financial Supply Chain/AP/AR Solution

Winner: Martin Schlageter, Roche

This is an Accounts Payable solution which utilises Roche’s In-House Bank with its bank’s ‘Virtual Account’ solution. Starting with Estonia initially but then rolled out to assorted countries and more than ten affiliates around the globe during the next 12 months. Read how Roche is making use of ISO 20022 XML and SEPA to support its IHB solution.

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Highly Commended:

Microsoft, Lambeth Council, Osram,

Best Card Solution, Winner – Richard Parkinson, Steven Elms, Citi and David Swainston, Procter & Gamble.

Best Card Solution

Winner: Steve Ader, Procter & Gamble

P&G operates in approximately 75 countries worldwide so it needed the services of a global bank to deliver a robust prepaid debit card solution. This forward-thinking initiative has led to dramatic cost savings measured at an estimated 65% for the company.

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Highly Commended:

Sunsweet Growers Inc.,
Home Development Mutual Fund

Best Financing Solution, Winner – Richard Parkinson and David Johnson, Toyota Financial Services collecting on behalf of Sylvia Baharet.

Best Financing Solution

Winner: Sylvia Baharet, Toyota Financial Services

The Debt Capital Markets (DCM) team at Toyota Financial Services substituted a seven-year benchmark deal of $750m with an equivalent maturity profile in structured notes. They realised cost savings of $29m. Read how Toyota Financial Services achieved this.

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Highly Commended:

SAP, CIT Group

Best Risk Management Solution, Winner – Richard Parkinson and Jayna Bundy, Microsoft.

Best Risk Management Solution

Winner: Debdatta Banerjee, Jayna Bundy and Chase Johnson, Microsoft

Foreign currency options are one of the most challenging asset classes to match on an electronic platform due to the sheer variability of the matching criteria. This is particularly true when the manual confirmation of thousands of FX option trades represents over $100 billion in notional exposure processed each year. Read how Microsoft mitigated this risk.

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Highly Commended:

Brocade Communications Systems Inc, Coca-Cola HBC

Best Process Re-engineering Solution, Winner – Damjan Stukelj, adidas Group and Richard Parkinson.

Best Process Re-engineering Solution

Winner: Damjan Stukelj, adidas Group

This solution forms part of the adidas Group’s Driving Route 2015 campaign which it launched in 2010. The motto of this campaign is ‘simplify to the max’. See how adidas has re-engineered its processes and why several of its peers are now contacting them for benchmarking purposes.

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Highly Commended:

Thomson Reuters, Honeywell, Roche

Best MME/SME Treasury Solution, Winner – Pierre de Montessus, Bank of America Merrill Lynch, James Koh and James Westerby-Jones from Vertu.

Best MME/SME Treasury Solution

Winner: Vertu, James Koh

In less than six months Vertu established a fully functional global treasury operation from scratch to support its business across its regional offices, flagship stores and worldwide distribution. China, which comprises more than 50% of its market, was a key component to the solution it implemented.

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Highly Commended:

Hollister Incorporated,
Merz Pharma Group

One to Watch, Winner – Richard Parkinson, Lewis Jones, The Automobile Association and Maurice Cleaves, Barclays.

One to Watch

Winner: Lewis Jones, The Automobile Association

The AA interacts with 15 million people across the UK. This solution, which is moving The AA towards a paperless environment by removing cash and cheques as much as possible, enables their customers to send money using just a mobile phone number.

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Highly Commended:

US Foods, Tourism Development & Investment Company, Wolters Kluwer

Best in Class Benchmarking, Winner – Richard Parkinson, Onkar Liddar and Scott Ahlstrom from Accenture.

Best in Class Benchmarking

Winner: Scott Ahlstrom and Onkar Liddar, Accenture

The Treasury Transformation project has been an overwhelming success for Accenture. Despite the challenges of implementing an initiative on such a large scale, the company now has a robust, flexible and scalable solution to support its rapid growth trajectory and optimise cash and risk management, particularly in the emerging markets. KPIs have been introduced to benchmark performance.

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Highly Commended:

Danone Asia

Best Foreign Exchange Solution, Winner – Richard Parkinson, Cormac Donohoe, Citi and Stuart Kirk, Xerox.

Best Foreign Exchange Solution

Winner: Stuart Kirk, Xerox

Xerox wanted a rules-based solution which was transparent and easy to implement and which would more closely align its hedging programmes with its exposures thus reducing the period-on-period impact of FX volatility on its bottom line. Xerox’s bank responded with an innovative dynamic layered hedging model.

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Highly Commended:

UnitedHealth Group

Asia Pacific Regional Award for Best Practice, Winner – Susan Dunne and Ping Chen from Pfizer and Margaret Yao, J.P. Morgan.

Asia Pacific Regional Award for Best Practice

Winner: Ping Chen, Pfizer

Pfizer has a strong presence in the Asia Pacific region with operations in 15 countries and territories. This solution showcases an ambitious treasury transformation initiative that has moved them from managing treasury operations from a complex multi-format, multi-system platform to an efficient centralised, single format, single system structure with some impressive results.

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Highly Commended:

Honeywell, PepsiCo India Holdings

Highly Commended

Treasury Today’s Top Treasury Team, Highly Commended – Andrew Marshall, Alex Fiott, Patricia Greenfield and Cristiane Candeloro from AstraZeneca.

Treasury Today’s Top Treasury Team

Highly Commended: Patricia Greenfield, Cristiane Candeloro, Alex Fiott and Andrew Marshall, AstraZeneca

Over the past 12 months the Treasury Team at AstraZeneca has delivered on a significant number of projects and operational activities that have ensured their operations continue to be amongst the most efficient, automated and reliable in the corporate treasury domain. Hear how they achieved this using a LEAN review, Zero Tolerance on Manual Processes (ZTMP) and quarterly ‘Boot Camps’.

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Winner:

Microsoft

Treasury Today Woman of the year, Highly Commended – Marie-Astrid Dubois, Honeywell.

Treasury Today Woman of the year

Highly Commended: Marie-Astrid Dubois, Honeywell

Marie-Astrid was nominated by John Tus, VP and Treasurer at Honeywell. We also received several supporting statements from her colleagues, banking partners, consultants, subordinates and peers; all very complimentary. She is described as a ‘leading light in the international corporate treasury field’ and a ‘treasury ambassador’. Read why.

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Winner:

Maeve Robinson

First Class Bank Relationship Management, Highly Commended – Rob Harrington, HSBC, Ben Haislip, Coca-Cola Enterprises and Steven Elms, Citi.

First Class Bank Relationship Management

Highly Commended: Ben Haislip, Coca-Cola Enterprises

Coca-Cola Enterprises (CCE) streamlined its Western European banking structure by consolidating from ten banks down to five with two primary banks selected. Host-to-host connectivity using ISO 20022 XML, full integration with CCE’s ERP system (SAP), improved STP, BIC/IBAN and SEPA all feature in this impressive solution.

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Winner:

Honeywell

First Class Bank Relationship Management, Highly Commended – David Johnson, Toyota Financial Services.

First Class Bank Relationship Management

Highly Commended: David Johnson, Toyota Financial Services

The principal commodity that Toyota Financial Services uses every day is bank credit and in recent years the size of its multi-year credit facility has grown to $13 billion, one of the largest in the US. This case study highlights how Toyota Financial Services engaged with its core banks to better understand the impact of Basel III on its ongoing relationships with its banks from a lending perspective.

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Winner:

Honeywell

Best Cash/Liquidity Management Solution, Highly Commended – Maris Zutis, Dematic and Kateryna Yelisova, J.P. Morgan.

Best Cash/Liquidity Management Solution

Highly Commended: Maris Zutis, Dematic Group

This solution is a great example of how a global cash management system can be designed to work 20 hours a day starting from opening of the day in Australia to end of day in the US. The solution has a simple aim; to ensure that cash is always available in the right place, at the right time and in the right currency to meet the company’s payment obligations.

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Winner:

Novartis

Best Cash/Liquidity Management Solution, Highly Commended – Martin Cussen, Gilead Sciences collecting on behalf of Brad Vollmer and Joy Macknight.

Best Cash/Liquidity Management Solution

Highly Commended: Brad Vollmer, Gilead Sciences

There were two unique aspects of this solution that really stood out. Firstly, the speed at which the end-to-end implementation of the automation project was completed and secondly almost all the technologies deployed in the solution are cloud-based. The projects linked nine systems and Gilead’s largest cash management banks in more than 30 countries across 39 legal entities.

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Winner:

Novartis

Best Short-Term Investment Strategy, Highly Commended – Harish Barai, Larsen & Toubro.

Best Short-Term Investment Strategy

Highly Commended: Harish Barai, Larsen & Toubro

The treasury team at Larsen & Toubro in India manage average surplus investments of $1.2 billion. Read about the strategies the team adopted to maximise its short-term investment returns.

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Winner:

Gazprom Marketing & Trading

Best Working Capital Management Solution, Highly Commended – Jim Scurlock, Microsoft and Joy Macknight.

Best Working Capital Management Solution

Highly Commended: Jim Scurlock and Paul Weldon, Microsoft

Microsoft runs a centralised treasury for more than 350 legal entities in 118 countries with more than 1,250 bank accounts spanning more than 90 banks worldwide. This cash flow forecasting solution shows how it can really improve the company’s working capital.

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Winner:

Roche

Best AP/AR Solution, Highly Commended – Colin Lowen, RBS, Giuliana Quadernucci, Lambeth Council and Joy Macknight.

Best AP/AR Solution

Highly Commended: Financial Shared Services (Accounts Payable), Lambeth Council

This is another accounts payable solution involving the implementation of a bank’s electronic invoicing hub technology. Lambeth Council now has over 2,000 suppliers fully onboard and is operating electronically with them.

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Winner:

Roche

Best Financial Supply Chain Solution, Highly Commended – Thomas Dunn, Orbian, Wadim Buettner, Osram and Joy Macknight.

Best Financial Supply Chain Solution

Highly Commended: Wadim Buettner, Osram

Osram had three key objectives; to extend its payment terms, to enhance the relationship with its suppliers and to improve its cash flow. Osram chose a supply chain finance (SCF) solution which addressed each of these key goals.

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Winner:

Roche

Best Card Solution, Highly Commended – Paul Greenhaigh, Bank of America Merrill Lynch collecting on behalf of Eva Price and Joy Macknight.

Best Card Solution

Highly Commended: Eva Price, Sunsweet Growers

Sunsweet Growers is the world’s largest handler of dried tree fruits. It chose a payroll and vendor payments solution which has enabled it to migrate 100% payroll to electronic and to enrol 10% of its vendor payments to card within just five months of initiating the project.

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Winner:

Procter & Gamble

Best Card Solution, Highly Commended – Rey Malaya, Home Development Mutual Fund, Barbara Harrison, Citi and Joy Macknight.

Best Card Solution

Highly Commended: Rey Malaya, Home Development Mutual Fund

This organisation operates a national savings programme and provides affordable shelter financing for Filipino workers. It has mandated its bank to provide fully customised prepaid cards for disbursement of loan proceeds and provident benefits.

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Winner:

Procter & Gamble

Best Financing Solution, Highly Commended – Rainer Wagner, Deutsche Bank, Dympna Donnelly and Steffen Diel from SAP, Matthias Reschke, J.P. Morgan.

Best Financing Solution

Highly Commended: Steffen Diel, SAP

This solution relates to the funding and FX hedging in connection with SAP’s $4.3 billion acquisition of Ariba Inc. SAP was one of the few corporates that entered into a large M&A transaction in 2012.

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Winner:

Toyota Financial Services

Best Financing Solution, Highly Commended – Paul Taylor, Bank of America Merrill Lynch, Neil Sawbridge, CIT Group and Joy Macknight.

Best Financing Solution

Highly Commended: Treasury Team, CIT Group

CIT has completely restructured over $30 billion of debt following its emergence from pre-packaged bankruptcy proceedings. From a starting point of highly structured, expensive and restrictive borrowings, the company has totally transformed its funding profile.

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Winner:

Toyota Financial Services

Best Risk Management Solution, Highly Commended – Kevin McKenna, Brocade collecting on behalf of Neha Chhawchharia and Joy Macknight.

Best Risk Management Solution

Highly Commended: Neha Chhawchharia, Brocade Communications Systems Inc

Information security is a top concern for senior executives and the Board at Brocade. The solution which the company implemented was developed entirely in-house by a team comprising representatives from legal, IT, internal audit/compliance and ERM.

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Winner:

Microsoft

Best Risk Management Solution, Highly Commended – Dimitris Papathanasiou, Coca-Cola HBC and Peter Reynolds, Reval.

Best Risk Management Solution

Highly Commended: Dimitris Papathanasiou, Coca-Cola HBC

Coca Cola HBC was trying to integrate its risk management activities across financial risks in the company. It embarked upon a major project which it split into three distinct parts; change management, system implementation and internal reporting. The company chose a software-as-a-service (SaaS) solution which satisfied IAS 39 and IFRS 7.

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Winner:

Microsoft

Best Process Re-engineering Solution, Highly Commended – Dominic Little, Thomson Reuters, Barbara Harrison, Citi and Joy Macknight.

Best Process Re-engineering Solution

Highly Commended: Dominic Little and Gouse Basha Shaik, Thomson Reuters

This solution involves a consolidated receivables project that has delivered end-to-end automation and optimised cash management for Thomson Reuters. The incorporation of Brazil’s Boleto instrument into the solution was unprecedented.

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Winner:

adidas Group

Best Process Re-engineering Solution, Highly Commended – Freya Yao, Honeywell, Sebastian Bechtold, Deutsche Bank and Joy Macknight.

Best Process Re-engineering Solution

Highly Commended: Freya Yao, Honeywell

This is a regional re-engineering solution developed in Asia Pacific which focuses on the extensive issuance of Bank Guarantees (BGs) such as bid bonds and performance guarantees. Honeywell issues about 700 BGs each year and the application (issuance) submission and tracking is a challenge in itself. Read how Honeywell worked with its bank in the region to address the challenge.

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Winner:

adidas Group

Best Process Re-engineering Solution, Highly Commended – Ken Bogert and Marco Brähler from Roche, Klaus Mueller, SAP.

Best Process Re-engineering Solution

Highly Commended: Marco Brähler, Roche

This solution is described by Roche as first-in-class and perhaps best-in-class, STP SWIFT messaging solution on a single standard software system. It was facilitated by Roche’s unique treasury operating model and their ERP’s IT treasury capabilities.

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Winner:

adidas Group

Best MME/SME Treasury Solution, Highly Commended – Matthew Davies, Bank of America Merrill Lynch collecting on behalf of Sheila Johnson and Joy Macknight.

Best MME/SME Treasury Solution

Highly Commended: Sheila Johnson, Hollister Incorporated

The team at Hollister is delivering some outstanding results as a result of this solution which comprises 63 accounts across 23 countries. As the client relationship manager at Hollister’s bank notes: “Hollister’s treasury operation is the most disciplined I have seen – anywhere”.

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Winner:

Vertu

Best MME/SME Treasury Solution, Highly Commended – Karsten Kabas, Merz Pharma Group and Joy Macknight.

Best MME/SME Treasury Solution

Highly Commended: Karsten Kabas, Merz Pharma Group

Merz Pharma has implemented a solution that delivers integrated analysis, dealing and portfolio management/administration activities regarding short-term investments, long-term investments and foreign exchange hedging all in a single tool.

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Winner:

Vertu

One to Watch, Highly Commended – Joy Macknight and Diane Quinn, J.P. Morgan collecting on behalf of Beth Krotiak.

One to Watch

Highly Commended: Beth Krotiak, US Foods

US Foods is taking steps now to prepare itself for the increasing trend towards mobile technology. This solution deploys their bank’s Image Deposit Direct (IDD) Mobile solution to enable one of the first uses of mobile cheque capture in a B2B environment.

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Winner:

The Automobile Association

One to Watch, Highly Commended – Colin Fraser, Abu Dhabi Commercial Bank, Harish Pai, Tourism Development & Investment Company and Joy Macknight.

One to Watch

Highly Commended: Harish Pai, Tourism Development & Investment Company

TDIC, supported by its bank, is one of the first companies in the UAE to implement a customised, automated procure-to-pay process. The solution is based on its ERP and leverages industry best practices and innovative technology.

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Winner:

The Automobile Association

One to Watch, Highly Commended – Paul Taylor, Bank America Merrill Lynch collecting on behalf of James Muir and Joy Macknight.

One to Watch

Highly Commended: James Muir, Wolters Kluwer

This custom-user built (CUB) treasury tool was designed by Wolters Kluwer’s Treasury Team in consultation with its bank. The tool enables it to obtain greater control over a wide range of treasury processes while increasing automation levels and allowing more detailed reporting and transactional visibility.

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Winner:

The Automobile Association

Best in Class Benchmarking, Highly Commended – Steven Elms, Citi collecting on behalf of Yannick Gehin and Joy Macknight.

Best in Class Benchmarking

Highly Commended: Yannick Gehin, Danone Asia

This case study showcases a recently launched pilot scheme for RMB cross-border lending. In order to comply with transfer pricing regulations, the interest rate was often set with reference to the onshore PBOC benchmark deposit rate.

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Winner:

Accenture

Best Foreign Exchange Solution, Highly Commended – Lewis Warren, J.P. Morgan collecting on behalf of UnitedHealth Group and Joy Macknight.

Best Foreign Exchange Solution

Highly Commended: Treasury Team, UnitedHealth Group

This case study showcases a FX solution to satisfy UnitedHealth Group’s acquisition of Amil, the largest private healthcare provider in Brazil. The initial phase of the transaction would result in the company facing a $5.5 billion equivalent of Brazilian Real exposure. Read how the company managed this exposure.

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Winner:

Xerox

Asia Pacific Regional Award for Best Practice, Highly Commended – Linda Zhang, Honeywell and Joy Macknight.

Asia Pacific Regional Award for Best Practice

Highly Commended: Linda Zhang, Honeywell

Some remarkable benefits are highlighted in this case study where Honeywell undertook seven new projects in the last two years with total investment of close to $400m saving millions of US dollars in tax and in financing costs.

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Winner:

Pfizer

Asia Pacific Regional Award for Best Practice, Highly Commended – Deepak Kini, PepsiCo India Holdings, Steven Elms, Citi and Joy Macknight.

Asia Pacific Regional Award for Best Practice

Highly Commended: Deepak Kini, PepsiCo India Holdings

This is a single country re-engineering solution undertaken during a time of rapid expansion by the company in India. Read how PepsiCo achieved this through the establishment of a shared services centre (SSC) and host-to-host functionality.

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Winner:

Pfizer

Group photo of the 2013 Adam Smith Award winners.