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Why Regus located operations to Manila _ The Corporate Treasurer _ May 2015_

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Why Regus located operations to Manila _ The Corporate Treasurer _ May 2015_

  1. 1. Network: Haymarket Financial Media | FinanceAsia | AsianInvestor | The Corporate Treasurer Signed in as Trade Working Capital Risk Governance People & Strategy Opinion Analysis Markets Home > People & Strategy > Why Regus located treasury operations to Manila Why Regus located treasury operations to Manila May 27, 2015 | By Daniel Bland | People & Strategy Regus International’s head of global treasury support, tells CT why Manila was the perfect location for its treasury centre. Governments across Asia-Pacific are competing to offer incentives for corporate treasury establishment, but a location less on the radar, Manila, has won over at least one major multinational. “We’ve proved pretty quickly that Manila is a powerful cash force,” Raphaël Darbellay, head of global treasury (global service centre), for Regus, a FTSE 250 listed office space service provider, told CT. When Darbellay joined the company’s headquarters in Nyon, Switzerland, in October 2011 it was decided Regus’ treasury operations were too UK-centric for a company, born in 1989, that was expanding. Regus’ treasury manages group policies and procedures for more than 2,500 entities across 120 countries. Assisting the newly hired group treasurer, Darbellay was tasked with assessing the company’s existing treasury functions. A key aspect for growth facilitation was to make the right use of the newly created in-house entity. Darbellay worked with group treasurer to create key policies for intercompany loan management, lease support optimisation and treasury management system implementation. It was in Nyon that Darbellay identified Manila as an optimal location to build a global treasury, and he raised his hand to relocate the unit there. Manila was ideal for several reasons: the company had formerly set its regional Asia-Pacific shared service centre in Manila and had recently relocated its US/Canada company accounting operations there in 2012 (the remaining treasury accounting operations is in Texas). Finding the North American move workable, the company then shifted its remaining regional service centres such as Belfast, Prague, UK, France and more recently Mexico to Manila. Email Print Page 1 of 4Why Regus located treasury operations to Manila - People & Strategy - The Corporate Tr... 18/08/2015http://www.thecorporatetreasurer.com/News/397883,why-regus-located-treasury-operatio...
  2. 2. Worldwide global IT support for the company’s 2,500 business centres was also relocated to the Manila office. Manila-based tasks include: account payables and receivables, cash application, intercompany billing, settlement and netting, regional and global accounting, customers’ billing, project management, compliance, IT and treasury. The company found the location’s office prices, staffing costs, expertise, and time zone position all made Manila an ideal business operating centre. Particularly important, was Manila’s high level pool of applicants with solid accounting qualifications and experience that could translate well to treasury. “You can ask every day and receive 10-20 new CVs if you want!” Darbellay said referring to more junior positions. “Unfortunately, it does not apply to managerial roles wherein corporate treasury leadership is yet to be recognised as a must have,” Darbellay added. Regus’ group treasurer, pricing negotiations, and global strategy is all still located in Nyon, but global support is now fully based in the Philippines. “Building in global support in Manila [allows for better] efficiency in decision-making processes such as foreign exchange exposure [management] as well as visibility in corporate financing capacity,” Darbellay said. Since the company relocated treasury responsibilities to the Philippines, it now looks after: • Cash Management optimisation and integration • Operational coordination • Rental support management and optimisation • Operational intercompany funding and loan management • Blocked cash • HQ operational transactions and in-house bank account reconciliation, including cash pool reconciliation and in-house netting support As well as treasury compliance functions for: • Bank platforms and treasury management system administration • Intercompany loan documentation • Global bank accounts rationalisation and bank charges control • Compliance control for global bank guarantees and letter of credit “We’re a hybrid treasury team,” Darbellay said, “In London global bank relationship we arrange our pricing rates and do our structure management, then our regional bank specialists, say, in Hong Kong, offer country level strategies for cash flow and best solutions.” “In Manila, we run all the treasury support and daily management functions. The hosted department is segregated into three main divisions: ‘’Headquarters Support’’, ‘’Regional Support’’ and ‘’Global Support’’ all in one with a strong interdependency to the other global service centre recipients based in Manila.” In addition to operations support, Darbellay said Manila plays a key role in high level global projects, not just local or regional initiatives in Asia. “Across the region, in the last year and a half, we’ve been able to accomplish a lot by sitting in Asia. Monitoring and reporting from systems are better, and I’ve been able to identify hidden cash and get better usage of it in the region,” Darbellay concluded. Page 2 of 4Why Regus located treasury operations to Manila - People & Strategy - The Corporate Tr... 18/08/2015http://www.thecorporatetreasurer.com/News/397883,why-regus-located-treasury-operatio...
  3. 3. Watch your China production schedules: AC Energy People & Strategy, Treasury In Practice Fallout from the renminbi: the corporate response Regulation, FX & interest rates Latest Jobs: Up to S$350k for treasury director in Singapore People moves Philippines redefines commercial paper Regulation Latest Jobs: Consumer goods company offers S$350k+ for CFO role People moves Philippines’ PPP model chastens FX hedging People & Strategy, Treasury In Practice 0Like Tweet Related Articles Comments powered by Disqus © Haymarket Media Limited. All rights reserved. Section Latest Articles Section Page 3 of 4Why Regus located treasury operations to Manila - People & Strategy - The Corporate Tr... 18/08/2015http://www.thecorporatetreasurer.com/News/397883,why-regus-located-treasury-operatio...
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