- Australian customers of Deutsche Bank will be able to enjoy a range of cash management services soon, including extra liquidity, deposit services, current accounts and more.
- The development means that cash management options from Deutsche Bank are now available across the world, including in 14 Asia-Pacific markets.
- The firm has made a number of new hires in order to support the business, including John Godlonton, who comes over from Deutsche Bank in Singapore.
Global financial services institution Deutsche Bank has confirmed that it will open up its cash management operations in Australia.
The announcement from the firm means that the bank’s cash management services are now available in 35 places around the world.
It also means that the total number of markets in the Asia-Pacific region is now 14.
In a related development, the firm has also taken on more staff.
In total, it has hired 14 people for its Australia cash management function.
One of these is John Godlonton, who comes over from the Singapore branch of Deutsche Bank.
He will serve as head of cash product in Australia as part of the new endeavour.
‘Cash management’ is a broad discipline, but it refers to a number of payments-related options such as deposit services and current accounts.
It also includes international money transfers and collections.
It also covers liquidity management.
In a press statement, Deutsche Bank’s global head of corporate bank outlined the way that the Australian market was important.
Stefan Hoops said that some of the main beneficiaries of the new Australian outpost would be companies that are based in Europe.
“Australia presents a significant opportunity for the bank and for our European clients operating there,” he said.
“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.”
He also suggested that the move towards expansion was not over yet – and that the firm’s growth plans were global in scope.
“We also plan to expand our coverage of domestic clients with global needs,” he added.
Deutsche Bank has operated in the Australian market for a significant period of time, and this new offering complements what is already on the table.
The firm has offered its corporate transactional banking service for more than half a decade.
Other offerings in its portfolio include trade financing as well as foreign exchange provision for clients.
In the same statement, Deutsche Bank’s global head of cash management, Ole Matthiessen, added that the company will now be better able to provide market updates to those in the industry.
“During the current crisis, it became very clear that it is even more important for treasurers to analyze and act upon the continuously evolving developments in the market,” he said.
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