ABN AMRO Bank wins cash management mandate for Swedish Match
ABN AMRO Bank has been appointed by Swedish Match to manage its European cash management needs across four countries.
ABN AMRO Bank will implement a new structure for Swedish Match and it will initially include 16 legal entities. Swedish Match will be able to take advantage of ABN AMRO Bank’s local contacts within its European banking network. To optimise interest earnings and cash management, the euro accounts will be pooled on a cross border zero balancing basis. This will provide Swedish Match with a single net euro position for the Netherlands, France, Belgium and Spain. Roll out of the new structure will begin in August and will be finalised in October 1999.
Anton Dikken, Country Manager for ABN AMRO Bank in Sweden, commented:
"ABN AMRO Bank is delighted to have been awarded this euro cash management mandate for Swedish Match and given the fierce competition, this deal further illustrates the bank’s ability to compete successfully for European Cash Management on this scale. Our advantage of course is our presence in all Euroland countries."
Sven Hindrikes, CFO for Swedish Match, commented:
"Swedish Match believes that ABN AMRO Banks cash management product offering suits the needs and strategy of Swedish Match now and in the future. The main reasons for choosing ABN AMRO Bank is our strong relationship, their strong commitment to Cash Management and the fact that the Euro Cash pool solution support us in reaching our business objectives by optimising our liquidity management and thereby reducing our balance sheet and improving the financial net.
Swedish Match is an international group with its head office in Stockholm. The company produces an extensive range of tobacco products, matches and disposable lighters, which are sold in 140 countries. The company’s total sales during 1998 amounted to approximately MSEK 8,200. The Swedish Match share is listed on the Stockholm Stock Exchange (SWMA) and NASDAQ (SWMAY)
For further information, please contact:
Sven Hindrikes, Senior Vice President &
Chief Financial Officer Office + 46 8 658 02 82
Jan Arpi, Group Treasurer Swedish Match Office +46 8 658 01 81
Anton Dikken, Country Manager ABN AMRO
Bank Stockholm Office +46 8 5061 50 00
