Cash Management celebrates one year in Australia
On July 1, the Corporate Bank celebrated the one year anniversary of Australia’s Cash Branch. The launch of Cash Management in Australia has allowed the local business to expand its footprint to service a larger set of multi-national corporates and is a clear illustration of Deutsche Bank’s growth strategy in practice.
The business offers a range of services to Corporate clients which compliments the existing Corporate Banking offering in Australia and extends the Bank’s existing Cash Management footprint in the region.
Reflecting on the first year, John Godlonton, Head of Cash Product for Australia, said: “We have experienced incredibly strong momentum in our first year and have expanded our coverage of key global clients with Australian Cash Management needs.”
Godlonton, who transferred from Singapore to Sydney in the lead up to the launch, shares an update on what the business has achieved and what is still yet to come.
Cash Management drives record revenue
The last 12 months have seen record revenue numbers for the Corporate Banking business in Australia with cash management adding to Deutsche Bank's credibility in the local corporate market. The realization of significant synergies with the trade finance business have been especially pleasing and there is strong evidence of benefits to the entire Australia franchise.
"We are far from the finished product, but the last year has shown us that the decision to roll out Cash Management in Australia was not only the right one, but also a key contributing factor to the overall growth of the Corporate Bank in Australia," reflected Godlonton.
The launch of the Cash Branch in Australia also saw the creation of 14 roles to support the business, with new team members joining the bank from Fintechs and other major international and domestic banks.
"We have grown the front office, technology and back office teams in Sydney as well as offshore teams in India. Our new faces are not so new anymore which is testament to how seamlessly they have slotted into their roles and started adding value," says Godlonton.
Global client expansion
The Cash Management business in Australia is currently servicing clients across multiple market segments including International Airlines, Software Companies, Fintechs, Credit Card Companies, Medical Equipment Manufacturers as well as Deutsche Bank's internal businesses. “Australia represents the 14th Cash Management location in APAC, allowing us to offer our clients a consistent product with local market knowledge in multiple locations.” says Godlonton. "It has certainly strengthened our position as one of the leading Cash Management banks in the region."
“The team remains dedicated to delivering a quality product for our clients and our ability to service global Cash Management clients in 34 countries is a key factor that sets us apart from other banks” says Godlonton.
The Australia build out signifies the bank’s commitment to continue to develop its offering to service the ever changing needs of clients. “The APAC region is digitalising at an ever increasing pace and our cash management product will continue evolve to ensure we maintain our position as the leading solutions bank across the region.”