Photo of Amit Grover, General Electric.
Maturity, perseverance and focus: the perfect combination for this year’s Rising Star winner, Amit Grover. While still early in his career, Amit has demonstrated the traits of a seasoned treasury professional. A quick learner, these are traits that are clearly visible in the way he manages multiple projects and discussions, right across the board.
AVP, Regional Cash and Banking, APAC
Amit Grover is a finance professional with over six years’ experience. He has a proven track record and expertise in functions such as cash and liquidity management, banking strategy and relationships, M&A deal close execution, FX hedging, inter-company, assurance and business advisory services. He is currently part of General Electric’s (GE’s) corporate treasury team looking after cash and banking for the APAC region. He is a firm believer that with perseverance and focus, one can make the best use of one’s skillset.
Amit Grover, while still early in his career, has demonstrated traits of a seasoned treasury professional.
His interpersonal communication skills are key in enhancing his effectiveness. These traits are clearly visible in the way he manages multiple discussions, right across the board, from internal stakeholders to banking partners, from conceptualising to materialising the regional projects.
A fast learner, Amit recognises the multiple regulations and complex reporting requirements across Asia when designing the required structure. This is particularly useful in discussions with internal business organisations as well as regulatory bodies. He is a good coach to other teams in Singapore and India, with meticulous attention to detail and timely execution. With Amit, General Electric (GE) has ultimately improved visibility and control on its overall cash positions and reduced operating expenses.
Post 2008 global financial crisis, GE has undergone a massive evolution, winding down its GE Capital and associated lines of non-core businesses. Treasury has become the centre of this transformation.
Over the course of the last two years, there were numerous strategic projects across divestitures and acquisitions as well as treasury reorganisation. This was particularly so in Asia for GE, where there was double-digit growth across the businesses. Treasury was tasked to identify pockets of inefficiencies, with a focus on cash mobilisation across Asian liberal and restricted markets, to add further value to the organisation.
Within this testing environment, Amit has played a key role in the transformation as a part of GE’s Asia treasury team. Dedication and focus enabled operating cash of US$500m across Asia to be freed up, contributing to the global objectives.
In the three projects he has handled, he has consistently demonstrated maturity, perseverance and focus.
As part of a Regional Liquidity Project, Amit and the phase one GE team reviewed each of the 17 operating markets, planning for local cash pools for in-country cash optimisation. Their efforts focused around Vietnam, India, Korea, Malaysia and The Philippines, with limited capital convertibility for cross-border pools.
Phase 2 saw Amit work on cross-border pools for concentration of cash in GE’s treasury hub. It resulted in Singapore becoming the regional lead for Japan, Hong Kong, Indonesia and Malaysia. Amit was able to grasp the complex regulations, bringing fresh perspectives. He also challenged the status quo in terms of structuring and sustainability from technical and operational aspects.
With GE’s Singapore cash and banking treasury team responsible for managing Asia group liquidity, Amit has helped create sustainable structures of working capital management for the group.
In 2017, Amit was closely involved in GE’s buyout of Baker Hughes Inc, merging it with its own oil and gas equipment and services operation to form the second-largest oilfield service provider by revenue. This deal required end-to-end bank account novation, separate legal entities, cash pools as well as credit facilities for day-to-day business needs.
GE previously ran its regional treasury operations from India (New Delhi) and Shanghai. A fundamental shift in treasury management practices was driven by Amit when setting up a Regional Treasury Centre (RTC) in Singapore. This required him to work closely with the Economic Development Board of Singapore, the Monetary Authority of Singapore and multiple internal constituents (legal/tax/compliance) to achieve a positive outcome.
The project was completed successfully in Q2 2018. With Amit’s assistance, the RTC today provides access to liquidity, FX risk management as well as incentives for regional treasury operations.