Lenovo, like many successful fast-growing Asian companies, is cash-rich, with over $4 billion of cash on its balance sheet in 2012.
Damian Glendinning, the company’s treasurer, says this position leads him to take a traditional view of his banking requirements. “Obviously we need a place through which to process cash transactions,” he says. “They do actually still fulfil that somewhat useful social service, despite what’s in the press, and we’d be somewhat buggered without it. All the basic stuff of cash management: where you pay it from and where you receive it, and transferring it from one place to another.
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