Treasury Today Country Profiles in association with Citi

Winners – Adam Smith Awards Asia 2014

2014 Awards Winners

The calibre of entries for the 2014 Adam Smith Awards Asia was extremely high.
Scroll down to see all the winners

Adam Smith Awards Asia 2014 winners group photo

Winners

Top Treasury Team Asia, Winner – Harjeet Kohli, Group Treasurer and Head of Investor Relations.

Top Treasury Team Asia

Winner: Harjeet Kohli, Bharti Airtel

Treasury Today’s Top Treasury Team Asia accolade goes to the Bharti Airtel team in New Delhi, India. This is a truly outstanding submission covering a treasury transformation across seven key pillars of the treasury function which has delivered some impressive benefits.

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Highly Commended:

Hewlett-Packard Asia Pacific

Woman of the Year 2014, Winner – Shirley Hiew.

Woman of the Year 2014

Winner: Shirley Hiew, DuPont

Described as having a unique combination of hands-on leadership and a great strategic vision around her areas of responsibility, Shirley Hiew, Global Cash Lead, Treasurer, Asia Pacific at DuPont is the deserved winner of the 2014 Treasury Today Asia Woman of the Year award.

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Judges’ Choice, Winner – Vijay Kuppa, Larsen & Toubro.

Judges’ Choice

Winner: Vijay Kuppa, Larsen & Toubro

This nomination was submitted in the Best Liquidity Management/Short-Term Investing Solution category but our judging panel felt it most worthy of winning the Judges’ Choice award due to its innovative nature.

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Best Cash Management Solution, Winner – Cathy Fields and Elsie Mok, Hitachi Data Systems Corporation and Dianne Challenor, J.P. Morgan.

Best Cash Management Solution

Winner: Brian King, Hitachi Data Systems Corporation

The global scale of operations at HDS had created numerous challenges for its corporate treasury team. To address these challenges HDS implemented a solution that included a more effective cash management structure with host-to-host connectivity, centralised account management, simplified bank account documentation and best practices for yield enhancement on excess cash through a liquidity management account.

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Highly Commended:

Global Logistic Properties,
Quantas Airways, adidas Group

Best Liquidity Management/Short-Term Investing Solution, Winner – Echo Liu, Roche (China) and Jason Batman of Citi.

Best Liquidity Management/
Short-Term Investing Solution

Winner: May Wang and Jane Jiang, Roche (China)

With the launch of the Shanghai Free Trade Zone (SFTZ) framework in February 2014, Roche, in partnership with its bank, was one of the first companies to receive People’s Bank of China’s (PBOC) approval to implement a cross-border RMB pooling structure. Following months of review and consideration between PBOC, Roche and its bank, a structure was approved by the authorities that would allow Roche to facilitate intercompany lending and borrowing with overseas affiliates, which is an extension beyond purely intercompany lending from China.

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Highly Commended:

Honeywell (China), Sonepar Group Asia Pacific, Dimension Data Holdings

Best Working Capital Management, Winner – Rajshekhar Rao of METRO Cash & Carry India and Sachit Sahni of RBS.

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

Winner: Rajshekhar Rao, METRO Cash & Carry India

In India cash and cheques remain the predominant payment means; cheques constitute 10% by volume. Therefore, operating across a country of such geographical breadth makes the collection of cheques quite a challenge, especially in remote locations. Cheque transit times can vary from two to five days, depending on the cheque pick-up and clearing location. The solution uses cheque truncation technology to process cheques through image-based clearing.

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Highly Commended:

Jubilant Life Sciences, Mosaic India

First Class Bank Relationship Management, Winner, Alan Ow and Jun Tan of Blackstone and Aziz Parvez of Bank of America Merrill Lynch.

First Class Bank Relationship Management

Winner: Vinodh Krishnamoorthy, Blackstone

Blackstone was looking to establish an Asian-focused real estate fund that would allow it to target business opportunities across a number of different countries in the region. In order to support the company’s requirements for a close relationship, the bank provided a dedicated client service director and implementation advisor to cover Blackstone’s requirements across the region. This relationship is further strengthened with the support of a dedicated Regional Treasury Coverage Officer based in Singapore and a Corporate Banker.

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Highly Commended:

China Shipping Container Lines

Best Card Solution, Winner – Treasury Wine Estates

Best Card Solution

Winner: Bijan Taghian, Treasury Wine Estates

Following the demerger from Foster’s Group, Treasury Wine Estates was left with fragmented financial arrangements including different card providers in each region. The solution incorporated 3,000 cards around the world, all of which are covered by a global master corporate card agreement with local country schedules.

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Highly Commended:

Sime Darby Global Services

Best Financing Solution, Winner – Mr K Chandrasekar, Mahindra & Mahindra.

Best Financing Solution

Winner: Mr K Chandrasekar, Mahindra & Mahindra

The desired solution was to issue a 50-year bond with an interest rate of 9.55% pa with no put or call option. The challenge, however, was convincing investors to take on M&M’s credit risk for 50 years under these terms. Also the M&M board needed to be sufficiently convinced that the deal was not taking on a costly debt, particularly as the interest was expected to soften in years to come.

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Highly Commended:

AIA Group, Bharti Airtel

Best Foreign Exchange Solution, Winner – Mahesh Srivastava and Hui (Helen) Chen, Ingredion Incorporated, Ramesh Swamy of J.P. Morgan, Sunder Iyer of Bank of America Merrill Lynch and Nicolas Adjemian of Reval.

Best Foreign Exchange Solution

Winner: Mahesh Srivastava, Ingredion Incorporated

When Ingredion acquired National Starch, it went from being an international company to a global company, with all the complexities that came with it. Their plan was to consolidate all the global currency and risk management processes in Asia Pacific and then look at the people they needed to run these systems – rather than looking at the people first and the system second. They wanted to integrate a single bank platform and a single currency platform and link them both for optimum treasury technology in the region.

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Highly Commended:

Larsen & Toubro, LG Electronics

The Clearing Corporation of India, Winner – Kamal Singhania, The Clearing Corporation of India and Sachit Sahni of RBS.

Best Risk Management Solution

Winner: Indirani Rao, The Clearing Corporation of India

CCIL’s prime objective was to improve transaction settlement efficiency, mitigate risks, insulate the Indian financial system from operations-related shocks and undertake other activities that help to broaden and deepen the money, debt and FX markets in India. Settlement through CLS takes place on a real-time, payment-versus-payment basis eliminating settlement risk and reducing liquidity requirements up to 90% and improved fund flow.

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Highly Commended:

Huawei Technologies, MSF Sugar

Best in Class Benchmarking, Winner – Mr K V Hariharan, Amway India Enterprises and Saurabh Gupta, Citi.

Best in Class Benchmarking

Winner: K V Hariharan, Amway India Enterprises

Amway embarked on a benchmarking project that would identify the important benchmarks of success around areas such as improved fund management precision, greater resource efficiency, and a more controlled risk environment. In doing so Amway benchmarked their current performance and then went into the market to see what was available in order to improve this.

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Best Process Re-engineering Solution, Winner – Helen Yong and Freya Yao, Honeywell and Tim Waggett, Citi.

Best Process Re-engineering Solution

Winner: Helen Yong and Freya Yao, Honeywell

Although this project is internally focused, it relates to the management of operational risk in a sensitive area of the company’s financial supply chain, electronic banking (EB). As companies become increasingly dependent on EB systems, there is the risk that a company’s growth and expansion may occur without prior consideration to its existing controls and processes.

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Highly Commended:

Alere, Zhejiang Supor, Noble Group

One to Watch, Winner – Zhu Dongmei, CNPC Group and Jolene Liu of Citi.

One to Watch

Winner: Zhu Dongmei, CNPC Group

In the design and development of the platform, the company consulted leading industry peers such as BP, Shell, Total and GE to learn about their experience and best practices in treasury management. The outcome of this learning is a highly original, customised framework that addresses the specific strategic and operational needs of CNPC.

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Highly Commended:

Microsoft

Best Solution in China, Winner – Dundee Zhang and Yap Say Chung, Bunge and Pang May May of J.P. Morgan.

Best Solution in China

Winner: Dundee Zhang, Bunge (Shanghai) Management

Managing cash in China and repatriating trapped cash out of the country has been a long-standing dilemma for companies like Bunge because of regulatory restrictions. Bunge has established a two-way channel to move funds between its China headquarters in the SFTZ and its Regional Treasury Centre (RTC) in Singapore. This was achieved by setting up a two-way RMB-denominated cross-border sweeping structure in the zone.

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Highly Commended:

TRW, Amway (China), GE China

Highly Commended Winners 2015

Top Treasury Team Asia, Highly Commended – Sharon Wong, Lim Siew Cheng, Loh Kuai Yee, Ma Buccellato, Lim Tan Lee, and Treasury Associate Fatheen Nabeelah Abu Bakar are collecting the Award alongside banking partner Lillian Sim of J.P. Morgan.

Top Treasury Team Asia

Highly Commended: Joseph Lee, Hewlett-Packard Asia Pacific

The treasury team at Hewlett-Packard used a multi-faceted approach to address risk management, regulation and governance while vastly enhancing efficiency and corporate profitability.

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Winner:

Bharti Airtel

Best Cash Management Solution, Highly Commended – Kazuhiro Tsutsumi and Edwin Tey, Global Logistic Properties and Nicolas Adjemian, Reval.

Best Cash Management Solution

Highly Commended: Kazuhiro Tsutsumi, Global Logistic Properties

To increase its operational efficiency and reduce its operational risk GLP implemented a global cash, liquidity and risk management solution. The solution provides GLP with a single platform where all financial data is stored and shared within the global team in real time.

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Winner:

Hitachi Data Systems Corporation

Best Cash Management Solution, Highly Commended – Anthony Impala, Qantas Airways.

Best Cash Management Solution

Highly Commended: Anthony Impala, Quantas Airways

In order to mitigate the operational risk associated with its current set-up, Qantas worked with its system provider to migrate the treasury infrastructure management onto a private cloud, hosted environment. Qantas hedges a foreign exchange risk of approximately US$2 billion and an annual fuel bill of more than US$4 billion. The solution helps Qantas manage its complex treasury operation, gives a realtime view into cash and risk, and helps the company standardise and automate processes, while maintaining proper controls and full audit trails.

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Winner:

Hitachi Data Systems Corporation

Best Cash Management Solution, Highly Commended – David Gaythorpe, adidas Group.

Best Cash Management Solution

Highly Commended: Damjan Stukelj, adidas Group

adidas suffered from a lack of transparency and an inefficient cash disposition managed by multiple people in Hong Kong and China. The company’s account structures were complex with multiple bank-specific payment and information channels and e-banking systems. The company aimed for an integrated solution within its ERP environment, with SAP being the key IT application running within the Finance function. The integrated solution allows full transparency of all transactions in the ERP systems and is audit-proofed.

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Winner:

Hitachi Data Systems Corporation

Best Liquidity Management/Short-Term Investing Solution, Highly Commended – Lawrence Chang, Honeywell (China).

Best Liquidity Management/
Short-Term Investing Solution

Highly Commended: Lawrence Chang, Honeywell (China)

The challenge for Honeywell was what to do with excess cash, because even after re-investment into capacity and business growth, a significant amount of investible cash remained. Honeywell established cash concentration structures in China and these have proven to be very effective in concentrating liquidity for subsequent management and investment, managing counterparty limits and risks, investment allocation and also in seamlessly providing group-wide working capital and investment funding.

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Winner:

Roche (China)

Best Liquidity Management/Short-Term Investing Solution, Highly Commended – Matthieu Raffestin and Michael Suelin of Sonepar Group Asia Pacific and William Zee of RBS.

Best Liquidity Management/
Short-Term Investing Solution

Highly Commended: Matthieu Raffestin, Sonepar Group Asia Pacific

Given the fast pace of growth and complexity of operations, it was important for Sonepar to put in place flexible banking arrangements to meet its evolving needs as its business expanded across nine markets in Asia. A comprehensive range of cash and liquidity management solutions was developed and designed for future scalability. These included a range of products and services, including cash management (accounts, electronic banking and payments and collections), liquidity management, working capital facilities (overdrafts, trade finance, short-term loans) and FX lines for regulated currencies. The jewel in the crown is the company’s new liquidity management solution that supports business operations in China, which is the largest revenue contributor in the region.

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Winner:

Roche (China)

Best Liquidity Management/Short-Term Investing Solution, Highly Commended – Chew Puay-Hoon and Taro Nozawa, Dimension Data Holdings with Minako Stryer of J.P. Morgan.

Best Liquidity Management/
Short-Term Investing Solution

Highly Commended: Brian Howard, Dimension Data Holdings

The company wanted to establish an optimal cash and liquidity management structure so that any excess cash could quickly be made available to its headquarters, while still leaving its local entities with full control over their own funds. It also wanted to enhance and automate its processes to increase efficiency of both its treasury staff and its working capital. Dimension Data achieved an optimal cash and liquidity management structure across 13 Asia Pacific markets by consolidating its bank accounts and centralising all its surplus cash across the region into a notional pool.

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Winner:

Roche (China)

Best Financial Supply Chain Solution, Highly Commended – Arun Sharma of Jublilant Life Sciences and Suman Chaks of Deutsche Bank.

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

Highly Commended: Arun Sharma, Jubilant Life Sciences

This deal is an example of innovation, sustainable performance, client centricity and partnership and can possibly be replicated with other clients and segments across geographies. The company’s bank structured and controlled the Usance Credit Period, liaising with lawyers across three jurisdictions, client and insurers. Risk mitigation, which is key to this deal, was achieved through a watertight structure, efficient syndication and trade flow and security mechanisms.

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Winner:

METRO Cash & Carry India

Best AP/AR Solution, Highly Commended – Pradyumna Maheshwari and Sushil Burnwal of Mosaic India and Lim Kiat Seng of J.P. Morgan.

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

Highly Commended: Pradyumna Maheshwari, Mosaic India

Mosaic wanted an integrated and globally consistent cash management platform that would enable it to centralise all its banking operations for its India, Hong Kong and China businesses with a single bank, in line with industry best practices, to ensure globally consistent processes. The solution provides a globally consistent implementation and a services format that leverages a host-to-host platform, coupled with a secure and cost-effective file transfer system that uses an industry-standard message format.

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Winner:

METRO Cash & Carry India

First Class Bank Relationship Management, Highly Commended – Shi Guosong of China Shipping Container Lines and Venessa Xu of Citi.

First Class Bank Relationship Management

Highly Commended: Rong Li, China Shipping Container Lines

As a flagship state-owned business, CSCL has experienced rapid growth in recent years with a strong commitment to financial integrity and transparency. Consequently, group treasury was seeking to enhance its financial reporting in order to achieve more timely, accurate and complete access to cash flow and balance information globally. CSCL has had a highly successful partnership with its bank for more than a decade, including cash collections and cross-border cash pooling for its entities in more than 40 countries. Based on this experience, CSCL recognised the bank’s expertise in delivering flexible and robust cash and liquidity management solutions, and innovative technology.

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Winner:

Blackstone

Best Card Solution, Highly Commended – Puan Wan Norjihan Wan Ismail and Peter Ng Hoong Kee of Sime Darby and Jessica Tan of Citi.

Best Card Solution

Highly Commended: Victor Lam, Sime Darby Global Services

Sime Darby operates a shared services centre (SSC) and is responsible for paying hundreds of bills from various business entities. The structure often resulted in late payments, late fees and inefficient payment processes. Sime Darby was therefore looking for a better solution that would allow it to enhance its payment process and controls. Sime Darby selected a virtual card account (VCA) programme which has transformed the company’s payment process and has created multiple benefits for the company.

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Winner:

Treasury Wine Estates

Best Financing Solution, Highly Commended – Joseph Chang, AIA Group and James Pearson, Standard Chartered.

Best Financing Solution

Highly Commended: Joseph Chang, AIA Group

In the current low interest rate environment, having a large position in cash represented a significant opportunity cost for AIA. It became essential to improve its cash forecasting capabilities as well as set up bank credit lines for operational liquidity purposes, so that cash positions across all markets could be minimised. AIA partnered with a financial institution with a similar footprint and local capabilities, to structure and set up a backstop facility which offered a group-wide credit envelope for AIA.

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Winner:

Mahindra & Mahindra

Best Financing Solution, Highly Commended – Harjeet Kohli, Bharti Airtel.

Best Financing Solution

Highly Commended: Harjeet Kohli, Bharti Airtel

Airtel was looking for a way that the company could lengthen the tenor of its debt basket, diversify from bank credit facilities and also refinance the debt from its acquisition of Zain. To achieve these objectives the company undertook a series of opportunistic debt capital issuances totalling US$5.3 billion in three different currencies over a 15-month time span. The company used an astute pricing strategy to ensure tightening yield via an enthusiastic participation from real money investors across the globe.

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Winner:

Mahindra & Mahindra

Best Foreign Exchange Solution, Highly Commended – Vinay Poduri, Larsen & Toubro.

Best Foreign Exchange Solution

Highly Commended: Vipul Chandra, Larsen & Toubro

To improve its foreign exchange processes Larsen & Toubro was looking to insulate its imports in US dollar against the functional currency of the company, the Indian rupee (INR). Imports involved in the project were to the tune of US$150m that required insulation for possible devaluation of INR against the US dollar.

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Winner:

Ingredion Incorporated

Best Foreign Exchange Solution, Highly Commended – Calvin Lee, LG Electronics.

Best Foreign Exchange Solution

Highly Commended: Calvin Lee, LG Electronics

The solution implemented ensures that LG has access to the best prices available and that the company can then execute electronically on the new platform. With this innovative technology, LG has been able to really reduce operational risk across its FX trading workflow.

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Winner:

Ingredion Incorporated

Best Risk Management Solution, Highly Commended – Lawrence Chenpeng, Huawei Technologies.

Best Risk Management Solution

Highly Commended: Treasury Team, Huawei Technologies

Huawei’s treasury technology transformation project is a great example to showcase the benefits of using a single standardised global platform for multibank connectivity which provides the security, scalability and flexibility that multinational corporations require. It also demonstrates industry best practices in banking and connectivity. Huawei’s new technology infrastructure, supported with an efficient organisational structure and business processes, has paved the way for further adoption of the technology by corporates and banks across Asia.

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Winner:

The Clearing Corporation of India

Best Risk Management Solution, Highly Commended – Gunnar Andresen, MSF Sugar.

Best Risk Management Solution

Highly Commended: Gunnar Andresen, MSF Sugar

MSF Sugar faced a number of issues surrounding their risk management process. These included having to undertake significant manual work, producing reports for around 40 corporate and grower sugar pools. The solution was configured so that it was deployed to provide innovative reporting with regard to translating a USD sugar price exposure to a common AUD per tonne reporting base, under multiple potential future scenarios for commodity and foreign exchange prices.

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Winner:

The Clearing Corporation of India

Best Process Re-engineering Solution, Highly Commended – Thomas Tan, Alere and Wee Yong Goh, RBS.

Best Process Re-engineering Solution

Highly Commended: Dorian Paul LeBlanc, Alere

By re-engineering the finance operations in Asia Pacific with the introduction of a new centralised model, Alere was able to improve the control environment, gain greater visibility into business performance and control cash flow utilisation in each entity and country.

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Winner:

Honeywell

Best Process Re-engineering Solution, Highly Commended – Swati Mitra of Citi collecting the award on behalf of Zhejiang Supor.

Best Process Re-engineering Solution

Highly Commended: Xu Bo, Zhejiang Supor

To support its international growth ambitions and expanding payments needs, the company sought to streamline processes by leveraging its SAP installation, as well as securing and automating the transmission of payment instructions to its banks.

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Winner:

Honeywell

Best Process Re-engineering Solution, Highly Commended – Anton Abraham and Simon Dean, Noble Group and Rich Stephenson, J.P. Morgan.

Best Process Re-engineering Solution

Highly Commended: Anton Abraham, Noble Group

Along with the need to improve its payments processes, Noble wanted to replace its existing US dollar banking services with a global cash solution from a single US dollar provider, so it could work with a primary provider across 36 countries.

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Winner:

Honeywell

One to Watch, Highly Commended – Ashish Bhardwaj, Microsoft.

One to Watch

Highly Commended: WOCS Team, Microsoft

The Microsoft WOCS team have demonstrated best practice in managing the challenges that each country in Asia Pacific presents. Through developing a clear process and leveraging local and international knowledge the team has successfully billed in a number of local currencies, giving Microsoft more ability to win business locally.

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Winner:

CNPC Group

Best Solution in China, Highly Commended – Loh WaiFong, TRW and Stefan Leijdekkers of Bank of America Merrill Lynch.

Best Solution in China

Highly Commended: Jane Hua, TRW

This is the latest in a series of innovative projects undertaken by TRW’s treasury team. The company has also been actively adopting other new products and schemes, such as mobilising cross border flows using RMB capital injection, shareholder loans and dividend payments.

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Winner:

Bunge (Shanghai) Management

Best Solution in China, Highly Commended – Jason Batman of Citi collecting the award on behalf of Amway (China).

Best Solution in China

Highly Commended: John Huang, Amway (China)

Amway (China) needed to upgrade its treasury operations and control mechanisms. Specifically, the company wanted to enhance operational efficiency with an innovative, automated, host-to-host collection/payment solution to support its e-commerce business model.

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Winner:

Bunge (Shanghai) Management

Best Solution in China, Highly Commended – Ying SiewSan, GE China and Suman Chaki of Deutsche Bank.

Best Solution in China

Highly Commended: GE China, Ying SiewSan

GE required a solution for the sale of its receivables due from a large pool of buyers/distributors in China across different business units who had different terms of sale. This transaction is an excellent example of how innovation in risk management and close collaboration across the franchise can be translated into a strong marketing campaign to win a major deal.

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Winner:

Bunge (Shanghai) Management