Deutsche Bank has established a cash management business in Australia, expanding the service to 35 locations globally, including 14 in Asia-Pacific. The bank added 14 new roles to support the new business, including John Godlonton who joins from Deutsche Bank Singapore as head of cash product in Australia.

The business offers a range of services including current accounts and deposit products, domestic and cross-border payments and collections as well as liquidity management services.

Deutsche Bank has operated a corporate transactional banking business in Australia for over five years, providing a range of products including trade finance, foreign exchange, and trust and agency services. Cash management rounds out that offering.

Stefan Hoops, global head of corporate bank, comments: “Australia presents a significant opportunity for the bank and for our European clients operating there. Over 250 of our existing global cash management clients operating there are using other banks and our initial dialogue with them around our new business has been really encouraging. We also plan to expand our coverage of domestic clients with global needs.”

Ole Matthiessen, global head of cash management, adds: “During the current crisis, it became very clear that it is even more important for treasurers to analyze and act upon the continuously evolving developments in the market. Thus, investing in our global footprint is also a sign to our clients that we are even more committed to be a part of the solution in these unprecedented circumstances.”