From the November 2007 issue of Treasury & Risk magazine

Gold AHA Award In Cash Management

Treasury's success depends in part on its ability to quickly mobilize global cash and direct it to where it will generate the highest returns. This task has been especially challenging for companies operating in the Asia-Pacific region, because of the large number and geographic dispersion of countries and the lack of a common currency. Compounding the problems, many countries in this region do not have open economies, freely convertible currencies or state-of-the-art banking infrastructures or capital markets. To overcome the obstacles, according to Pui Yee Lee, director of international treasury at Honeywell International Inc., "Honeywell needed to develop and implement a treasury strategy specifically tailored to the Asia-Pacific region."

To gain efficiencies, Honeywell quickly opened regional offices in Singapore and Shanghai and selected one primary cash management bank for each country: Deutsche Bank was chosen for Korea;
HSBC for Taiwan and Hong Kong; Bank of Tokyo Mitsubishi for Japan; and Citigroup for the rest of Asia. Honeywell worked with its banking partners to implement the most appropriate cash-pooling structure permitted in each country.

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