{"id":53294,"date":"2022-12-23T10:24:59","date_gmt":"2022-12-23T02:24:59","guid":{"rendered":"http:\/\/www.upgrademag.com\/web\/?p=53294"},"modified":"2022-12-23T10:25:01","modified_gmt":"2022-12-23T02:25:01","slug":"ing-bank-mendes-gans-mandated-by-ictsi-in-ph-for-global-cash-management-service","status":"publish","type":"post","link":"http:\/\/www.upgrademag.com\/web\/2022\/12\/23\/ing-bank-mendes-gans-mandated-by-ictsi-in-ph-for-global-cash-management-service\/","title":{"rendered":"ING, Bank Mendes Gans mandated by ICTSI in PH for global cash management service"},"content":{"rendered":"\n<p class=\"wp-block-paragraph\"><strong>ING Bank, Philippines and Bank Mendes Gans (BMG) closed their first mandate in the country with the International Container Terminal Services, Incorporated (ICTSI).<\/strong><\/p>\n\n\n\n<p class=\"wp-block-paragraph\">This Multi-Entity, Multi-Currency Notional Cash Pool was designed to allow ICTSI, an international operator of container terminals, to consolidate its cash held by multiple banks in different countries and currencies into a single platform, centralizing ICTSI and its subsidiaries\u2019 cash globally.\u00a0<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">The centralization of cash helps the client to utilize its own funds to the largest extent and therefore minimize external borrowings and relevant costs. The unique features of BMG&#8217;s cash pool also helps ICTSI to avoid intercompany loans by allowing each subsidiary to open accounts with BMG in its own legal name.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">The mandate was closed as a result of the joint effort and close cooperation between relationship teams of BMG and ING Philippines. BMG \u2013 an 100% wholly owned subsidiary of ING \u2013 provided expert counsel and advice to ICTSI through several discussions with its legal, tax, compliance and offshore subsidiaries.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">\u201cThis solution implemented with ING and BMG further widens ICTSI\u2019s liquidity management tools aimed at simultaneously supporting our capital expenditure and deleveraging programs,\u201d said Rafael Consing, SVP and CFO of ICTSI.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">\u201cWe thank ICTSI for their trust in us. As a banking partner to ICTSI, we are pleased to be able to help them find an efficient way to manage their funds. Moving forward, we envision that this cash pool solution by ING and BMG could be extended to more Philippine corporates with wide international footprint,\u201d said Jun Palanca, head of Wholesale Banking at ING Bank, Philippines. ING\u2019s announcement of this first-of-its-kind transaction follows their recent celebration of 32 years in the Philippines, held at the Manila Polo Club last 27th of October. The financial institution recapped over three decades of achievements and steps towards climate action and sustainable business in the realm of banking, as well as plans of the same for the future.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>This Multi-Entity, Multi-Currency Notional Cash Pool was designed to allow ICTSI, an international operator of container terminals, to consolidate its cash held by multiple banks in different countries and currencies into a single platform, centralizing ICTSI and its subsidiaries\u2019 cash globally.\u00a0<\/p>\n","protected":false},"author":6,"featured_media":53295,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[19],"tags":[413,1185,4867],"class_list":["post-53294","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-headlines","tag-banking","tag-banking-and-finance","tag-banking-industry"],"_links":{"self":[{"href":"http:\/\/www.upgrademag.com\/web\/wp-json\/wp\/v2\/posts\/53294","targetHints":{"allow":["GET"]}}],"collection":[{"href":"http:\/\/www.upgrademag.com\/web\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"http:\/\/www.upgrademag.com\/web\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"http:\/\/www.upgrademag.com\/web\/wp-json\/wp\/v2\/users\/6"}],"replies":[{"embeddable":true,"href":"http:\/\/www.upgrademag.com\/web\/wp-json\/wp\/v2\/comments?post=53294"}],"version-history":[{"count":0,"href":"http:\/\/www.upgrademag.com\/web\/wp-json\/wp\/v2\/posts\/53294\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"http:\/\/www.upgrademag.com\/web\/wp-json\/wp\/v2\/media\/53295"}],"wp:attachment":[{"href":"http:\/\/www.upgrademag.com\/web\/wp-json\/wp\/v2\/media?parent=53294"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"http:\/\/www.upgrademag.com\/web\/wp-json\/wp\/v2\/categories?post=53294"},{"taxonomy":"post_tag","embeddable":true,"href":"http:\/\/www.upgrademag.com\/web\/wp-json\/wp\/v2\/tags?post=53294"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}