Deutsche Bank executes its first cross-border Renminbi netting transaction for Bosch

Published 

Deutsche Bank today announced that it has successfully executed its first cross-border Renminbi netting transaction for Bosch under People’s Bank of China (PBOC)’s centralised cross-border Renminbi management by multinational companies scheme.

Headquartered in Germany, Bosch is a leading global supplier of technology and services. The company’s operations consist of four business sectors – Mobility Solutions, Industrial Technology, Consumer Goods, as well as Energy and Building Technology.

The Bosch Group has a global netting centre in Germany for cross-border settlement transactions among intra-group companies. As part of the solution, Deutsche Bank has implemented a customised process to consolidate the RMB cross-border transactions of Bosch’s China entities and settle with Bosch’s global netting centre on a pre-defined netting schedule.

Christian Zeidler, Head of Corporate Finance and Regional Treasury for APAC at Bosch, said: “This Renminbi netting solution will significantly benefit our global treasury operations with improved transaction costs due to the reduced number of payments, better global liquidity management across the group, and minimised onshore FX exposure by centralizing FX management in HQ Germany. Our China subsidiaries are now another step closer to full integration in our global treasury operations.”

Mahesh Kini, Managing Director, Head of Trade Finance & Cash Management Corporates – China at Deutsche Bank, said: “We are pleased to have implemented this solution for the Bosch Group. Through the first netting transaction executed, Deutsche Bank was able to consolidate approximately 2000 cross-border payments into a single transaction, and save considerable costs and efforts to Bosch entities in China. This solution demonstrates our ability to offer a full suite of RMB cross-border solutions and is also another milestone in our efforts to bring innovative solutions to our key global clients operating in China.”

Suman Chaki, Managing Director, Head of Cash Management Corporates – Asia Pacific at Deutsche Bank, said: “This is a great achievement for Deutsche Bank. This successful transaction demonstrates our ability to implement customised solutions for our corporate clients to meet their cross-border transaction needs, especially in a key market like China.”

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