Technology in treasury management: International cash management review 2010
For most of the banks taking part in this year’s cash management review, 2009 was a year of consolidation and rationalization to ensure survival and set the framework for future growth. For most of the banks’ corporate clients it has also been a year of consolidation because of the continuing impact of the financial crisis. By Jack and Wolfi Large.
A year of consolidation
In 2009 three of the banks taking part in the survey, Commerzbank, WellsFargo and BNP Paribas, began the process of merging their cash management operations, products and networks with those of banks they had taken over. The merger of Commerzbank and Dresdner, two of the biggest German banks, began at the end of 2008. The networks and product ranges of the two banks, including payments, cash and treasury management, international business and foreign trade financing, have been combined and the integration of technology platforms will be completed by early 2011.
Commerzbank’s objective is to become the natural choice for German companies carrying out international business by providing ‘local people to do local business’ and offering the same levels of service around the world as in Germany.