PressClub Asia · Article.
BMW Group Treasury Centre expands its operations in Singapore.
Thu Apr 08 05:25:50 CEST 2010 Press Release
The BMW Group has commenced Phase II of its original development plan to further centralize treasury management in the Asia Pacific region from Singapore, under the umbrella of a new entity, BMW Asia Pacific Capital Pte Ltd.
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BMW Group
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Author.
Daniel Chan
BMW Group
Singapore. The BMW Group has commenced Phase II of its original development plan to further centralize treasury management in the Asia Pacific region from Singapore, under the umbrella of a new entity, BMW Asia Pacific Capital Pte Ltd.
Since 2006 the Asia Pacific Treasury Centre has been located in Singapore where it has successfully consolidated treasury management for 20 BMW Group subsidiaries in 11 countries, including Australia, China, Hong Kong, India, Indonesia, Japan, Malaysia, New Zealand, Singapore, South Korea, and Thailand. Singapore has proven to be a very suitable location to deal with the complexities of corporate treasury, which includes the management of risks from foreign exchange and interest rate volatility, liquidity and financing, as well as region-wide implementation of consistent internal processes and systems.
In this new phase of development BMW Asia Pacific Capital Pte Ltd has the objective to continue its treasury management support for the Group companies but to also implement regional treasury solutions using Singapore as the focal point. Such new solutions will first include consolidation of financial derivatives trading as well as the implementation of a region wide cash management solution. The intention is to benefit from greater economies of scale and to simultaneously instill improved process efficiencies.
The Group Treasurer of BMW Group, Mr Ebner von Eschenbach, said “The creation of this new entity achieves a global, 24-hour Treasury Centre coverage for the BMW Group worldwide, because BMW Asia Pacific Capital Pte Ltd will have the capability to link with our Treasury Centres in the U.S. and in Europe.”
The Asia Pacific region remains very important for the BMW Group and is expected to gain further importance from the anticipated high growth rate. Already in 2009, the region accounts for over 14% of Group retail.
“The treasury centre’s aim is to create a single cohesive Asia-Pacific treasury management solution that will set a strong foundation for the anticipated high growth of the BMW Group in this region. With the creation of this new entity, the foundation we have already set in Asia Pacific will be further strengthened,” concluded the Managing Director of BMW Asia Pacific Capital Pte Ltd, Mr Joe Calabro.
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For more information please contact:
Erin Atan
Corporate Affairs Director
BMW Group Asia
Telephone: +65 6838 9630
Email: erin.atan@bmwasia.com
Notes to editor:
About BMW Group Asia Pacific Treasury Centre
Established in 2006, Singapore was chosen as the location for the Regional Treasury Centre (RTC) after a lengthy feasibility study by Group Treasury. The RTC is part of the worldwide Group Treasury division, reporting directly to the BMW Group Treasurer in Munich. The amount of risk managed by the RTC exceeds EURO 15 Billion (SGD 30 Billion), consisting of foreign exchange & interest rate derivatives, short-term liquidity management, as well as borrowing liabilities. The RTC entity (BMW Asia Pacific Capital Pte Ltd) resides in the same premises as BMW Group Asia.
About BMW Group Asia
Established in 1985, Singapore is the regional office for BMW Group Asia, which has market responsibility for all importers in the East Asia region, as well as the BMW Group subsidiary in Indonesia.
The Singapore office is also the regional centre for key corporate functions, such as purchasing and financial services. It is also home to BMW Group DesignworksUSA and the regional office for Rolls-Royce Motor Cars.
The BMW Group presents three brands – BMW, MINI and Rolls-Royce Motor Cars.
The BMW Group
The BMW Group is one of the most successful manufacturers of automobiles and motorcycles in the world with its BMW, MINI and Rolls-Royce brands. As a global company, the BMW Group operates 24 production facilities in 13 countries and has a global sales network in more than 140 countries.
The BMW Group achieved a global sales volume of approximately 1.29 million automobiles and over 87,000 motorcycles for the 2009 financial year. Revenues for 2009 totalled euro 50.68 billion. At 31 December 2009, the company employed a global workforce of approximately 96,000 associates.
The success of the BMW Group has always been built on long-term thinking and responsible action. The company has therefore established ecological and social sustainability throughout the value chain, comprehensive product responsibility and a clear commitment to conserving resources as an integral part of its strategy. As a result of its efforts, the BMW Group has been ranked industry leader in the Dow Jones Sustainability Indexes for the last five years.