HSBC appointed as cash management partner of Posco in Vietnam

November 24, 2010 | 14:47
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HSBC Vietnam has been appointed to provide integrated cash management services to South Korea’s Posco affiliates in Vietnam.

HSBC Global Payments and Cash Management today announced its new partnership with Posco, one of the world’s largest steel makers.

The agreement has seen close collaboration between HSBC Korea and HSBC Vietnam to provide a range of integrated cash management services to the Korean firm and its subsidiaries and affiliates in Vietnam, including Posco E&C, Posco Steel Service & Sales and Posco Specialty Steel.

“As the world’s local bank, HSBC’s success is based on our ability to deliver services and solutions to our clients wherever they operate.

Posco has built a very successful operation in Vietnam since its establishment in 1992 and HSBC is proud to be awarded this cash management mandate as we look to provide the Posco Group in Vietnam with the financial services required for them to maximise their business potential,” said Puneet Gupta, Head of Global Payments and Cash Management, HSBC Vietnam.

Posco is currently undertaking an extensive global expansion and views Vietnam as a key country for the company’s strategic penetration into the Southeast Asian market due to its centralised location and high growth potential.

“With HSBC’s global cash management solution, Posco will be able to efficiently manage the cash flow of our subsidiaries and affiliates in Vietnam. This will greatly reduce our financial costs and help enhance the financial synergy of the group,” Young Hoon Lee, Senior Vice President of Posco.

By Van Anh

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