Deutsche Targets Increased Transaction Banking Presence Downunder
(13 November 2020 – Australia) Deutsche Bank’s newly released cash management service enhances the group’s corporate transactional banking portfolio in Australia, also seeking to provide a competitive offering to domestic clients with global needs.
Deutsche Bank is aiming to build relationship share and win back global clients who had been using transactional services from the Big Four and other international banks. Deutsche added 14 roles for the new division, including John Godlonton who joined from Deutsche Bank Singapore as the Head of Cash Product for Australia.
Deutsche Bank has operated its corporate transactional banking business in Australia since 2015, with services including trade finance, FX and trust and agency services. The new cash management offering includes deposit products, domestic and cross-border payments and collections, as well as liquidity management services.
“Over 250 of our existing global cash management clients operating in Australia are using other banks. Our initial dialogue with them around our new business has been really encouraging. Australia represents a significant opportunity for the bank and our European clients operating there. We also plan to expand our coverage of domestic clients with global needs” stated Deutsche Bank Global Corporate Bank Head, Stefan Hoops.
“Clients have been asking us to introduce cash management services for some time now. We are in a strong competitive position and are confident we can build market share” commented Deutsche Bank Australian Corporate Bank Head, Peter Connor.