Log In

 
Company : Deutsche Bank  
Wednesday, December 1, 2004 12:30PM IST (7:00AM GMT)
 
Castrol India Limited Streamlines Its Treasury Management with Deutsche Bank's Innovative Cash Management Solution
Mumbai, Maharashtra, India

Deutsche Bank and Castrol India Limited have developed an innovative cash management solution, which has enabled Castrol to streamline its treasury management. According to the agreement, Castrol will use Deutsche Bank's complete end-to-end payment and collection solution, as well as db-eBills - the Bank's innovative electronic invoice presentment and payment (EIPP) solution. This pioneering comprehensive cash management solution has supported Castrol in achieving its strategic objectives of setting up a high quality Debtor Management system, improving its customer service levels and fund utilisation, and ultimately delivering efficiencies across its value chain. This trend-setting solution combines the technological strength of Deutsche Bank's global products with the local expertise of implementing customised solutions, which provides more than just the conventional cash management offerings.

As part of the solution, Castrol has consolidated all its bank accounts with Deutsche Bank to augment its liquidity management, implement stricter credit controls and provide financing for distributors. Outsourcing of selected payment functions from issuance to distribution of cheques further enhances the solution. Overall the system has streamlined the operational workflow and processes within Castrol as well as with their trading partners.

Commenting on the new system, Roger Elston-Green, Finance Director, Castrol India Limited, said, "We chose Deutsche Bank because they offered us a solution that met our critical needs. Their track record and countrywide coverage were also important factors which were considered. Although the system was put in place only eight months back, we have already seen improvements in terms of cost efficiencies and credit controls. For example, our invoice-to-cash cycle has been reduced by 3-4 days, releasing over USD 2 million of working capital."

The success of this system has also been acknowledged in the wider BP world. The project, which was submitted as an entry for BP's global Financial Control & Accounting Awards (open to all BP Group companies), was selected as one of the 14 "outstanding" entries in the Systems and Technology category.

"Our willingness and ability to structure unique customised solutions for the payment and collection needs of corporates, supported by the Bank's strong partner bank network and superior technology, are factors that give us the leading-edge in India," said Jimmy Yap, Deutsche Bank's Head of Global Cash Management - Corporates, Asia Pacific. "The benefits of greater efficiency and convenience with improved cash flow for customers and their distributors are further proof of what Deutsche Bank is able to offer."

Gunit Chadha, CEO for Deutsche Bank in India, added, "This is a clear example of how Deutsche Bank works at customising solutions for greater effectiveness and business advantage, introducing them into the local markets. We aim to deliver exceptional service standards for demanding clients."

About Deutsche Bank

With roughly Euro 845 billion in assets and approximately 65,400 employees, Deutsche Bank offers unparalleled financial services in 74 countries throughout the world. Deutsche Bank competes to be the leading global provider of financial solutions for demanding clients creating exceptional value for its shareholders and people.

Deutsche Bank ranks among the global leaders in corporate banking and securities, transaction banking, asset management, and private wealth management, and has a significant private & business banking franchise in Germany and other selected countries in Continental Europe.

In India, Deutsche Bank operates with a staff strength of over 500 people through its five full-fledged branches in Mumbai, Delhi, Bangalore, Chennai and Kolkata.

With a strong presence in India, the Bank is represented by the businesses of Global Markets (fixed income and equities), Global Banking (which comprises corporate finance, relationship management and transaction banking (trade finance, cash management, domestic custody and trust services)), Asset Management, and Private Wealth Management.

Over the past three years, Deutsche Bank India has seen a consistent and steady growth in profits. Post tax profits have shown a rise from Euro 22 million during the financial year 2001-2002 to Euro 31 million in 2002-2003 and Euro 49 million in the financial year 2003-2004. This consistent growth reiterates the Bank's focus to the business areas in India.

www.deutsche-bank.com

Castrol India Limited is a public limited company with 70.92 % of the paid-up capital held by Castrol Limited, U.K which is a part of BP group of companies worldwide. Starting off as a trading unit in India in 1919, Castrol is today the market leader in the retail automotive lubricant segment. Castrol has constantly demonstrated its commitment to Indian consumers by offering world class products, backed by the highest level of customer service.

www.castrol.co.in

 
For News Release background on Deutsche Bank click here
 
Media Contact Details
Pwai Foon Tang, Deutsche Bank, (65) 6423 8189, pwai-foon.tang@db.com
 
 
Submit your press release
More News from Deutsche Bank

02/05/2005 11:30AM

Deutsche Bank - Now the Largest Foreign Exchange House in Asia and Globally

Deutsche Bank has become the largest foreign exchange trading bank in Asia, and globally, according to a major global market share survey undertaken by respected capital markets magazine, Euromoney. The Euromoney's ...

18/01/2005 3:00PM

Gunit Chadha to Join Deutsche Bank Asia Pacific Executive Committee

Deutsche Bank today announced that Gunit Chadha, Managing Director & Chief Executive Officer, India, will join Deutsche Bank's Asia Pacific Executive Committee effective January 1, 2005. In announcing the ...

22/11/2004 3:09PM

Deutsche Bank Celebrates 10th Anniversary as Custody Services Provider in India

Deutsche Bank announced that it celebrates its 10th anniversary in the domestic custody and securities clearing business in India. Deutsche Bank had extended its proprietary custody network to India in 1994, ...

Similar News

13/12/2018 11:40AM

WaveOptics Raises $26m to Scale Business and Support International Expansion in its First Stage of Series C Funding

WaveOptics, the world leading designer and manufacturer of diffractive waveguides for use in Augmented Reality (AR) wearables, has raised $26 million (£20m) from existing shareholders and new ...

No Image

11/12/2018 2:06PM

Cred Opens Its Platform to Developers and Businesses

Cred, the leading provider of crypto-backed lending with over $300 million in credit facilities, today announced the launch of CredX, Cred’s developer platform, enabling any company or developer to turn their ...