Rowan Companies is a major global contract drilling and manufacturing company with over $2 billion in annual revenue and 5,000 employees worldwide. Managing the company's bank accounts across 11 countries used to take up 7-8 hours per day of the assistant treasurer's time. By switching to Wells Fargo's multi-currency accounts (MCAs), Rowan was able to centralize its banking, gain visibility and control of its global cash position from its Houston headquarters, and reduce the time spent on treasury tasks to just 2 hours per day. The MCAs and online foreign exchange system allow all banking activities to be conducted through a single online portal, saving significant time on calls, faxes, and reconciliations.
Pan Finance Awards - Caye International Bank interview of Luigi Wewege - Q4 2021Luigi Wewege
Caye International Bank's SVP Luigi Wewege Speaks on Thriving as a Business and as a Leader in Uncertain Times
Both Caye International Bank and its Senior Vice President, Head of Private Banking Luigi Wewege have been in the news recently for their various strides, both on the corporate and the individual level. Caye International Bank has been named Pan Finance's Private Bank of the Year – LATAM 2021, while Luigi was awarded the Private Banker of the Year – LATAM 2021.
Seeing that the “cost of excellence” has been heightened by an uncertain and pandemic-ridden global economy, it is laudable to see some financial institutions and executives standing their ground to navigate expertly through the storm, to build adaptive systems that grow through the challenges and to gain the acclaim that both Caye and Luigi have. We caught up with Luigi Wewege to discuss some of the intricacies of thriving as a financial institution in a COVID era, what it means to be at the helm of affairs in such uncertain times, and much more.
Why Belize is Amongst the Best for Offshore Banking by Luigi WewegeLuigi Wewege
Diversification, stability, security and ease of operation: these are the ingredients most investors look for when choosing a domicile in which to invest. When it comes to the topic of offshore banking, it’s not unusual to get a dozen different opinions about where the best investment jurisdiction is located or where banks are most eager to attract foreign investors. Look beyond all the noise and you’ll find that Belize is consistently chosen by savvy investors for offshore banking.
The bank reconciliation is a process by which to compare an entity's book cash balance with the bank's cash balance as of a given period so as to note any discrepancies.
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Pan Finance Awards - Caye International Bank interview of Luigi Wewege - Q4 2021Luigi Wewege
Caye International Bank's SVP Luigi Wewege Speaks on Thriving as a Business and as a Leader in Uncertain Times
Both Caye International Bank and its Senior Vice President, Head of Private Banking Luigi Wewege have been in the news recently for their various strides, both on the corporate and the individual level. Caye International Bank has been named Pan Finance's Private Bank of the Year – LATAM 2021, while Luigi was awarded the Private Banker of the Year – LATAM 2021.
Seeing that the “cost of excellence” has been heightened by an uncertain and pandemic-ridden global economy, it is laudable to see some financial institutions and executives standing their ground to navigate expertly through the storm, to build adaptive systems that grow through the challenges and to gain the acclaim that both Caye and Luigi have. We caught up with Luigi Wewege to discuss some of the intricacies of thriving as a financial institution in a COVID era, what it means to be at the helm of affairs in such uncertain times, and much more.
Why Belize is Amongst the Best for Offshore Banking by Luigi WewegeLuigi Wewege
Diversification, stability, security and ease of operation: these are the ingredients most investors look for when choosing a domicile in which to invest. When it comes to the topic of offshore banking, it’s not unusual to get a dozen different opinions about where the best investment jurisdiction is located or where banks are most eager to attract foreign investors. Look beyond all the noise and you’ll find that Belize is consistently chosen by savvy investors for offshore banking.
The bank reconciliation is a process by which to compare an entity's book cash balance with the bank's cash balance as of a given period so as to note any discrepancies.
How to Operate Nationwide the Fast and Safe Way in the USYokip Consulting
Yokip Consulting explains how an FBO Account can get crypto exchanges, digital wallets, money transfer operators, and msbs in compliance and running in the US (while accepting fiat).
4 ways to secure your finances in 2016
Money matters to law firms. From trust accounts to tax compliance, there’s more to running a law firm than issuing invoices and cashing checks. Firms have to manage multiple bank accounts, periods of funds lockdown, and work-in-progress billing. Lawyers need to be money managers as well as litigators to organize all of this. Do you have the skills and tools to handle your law firm’s finances?
Join Joshua Lenon, Clio’s lawyer in residence and Micky Deming from Kahuna Accounting, as they review the four steps law firms need to take to secure their finances in 2016 including:
- Getting systematized and organized financially
- Implementing Trust Accounting best practices
- Preparing for tax season
- Maximizing time through use of tools or service providers
This presentation explains the services Currency Exchange International offers, why corporations and financial institutions trust CXI, and most importantly the benefits of working alongside CXI.
Functional Currency (FC), as the word suggests, is the currency of the location or the economic environment in which a firm works.
To know more about it, click on the link given below:
https://efinancemanagement.com/international-financial-management/functional-currency-meaning-importance-how-to-determine
4 ways to secure your finances in 2016
Money matters to law firms. From trust accounts to tax compliance, there’s more to running a law firm than issuing invoices and cashing checks. Firms have to manage multiple bank accounts, periods of funds lockdown, and work-in-progress billing. Lawyers need to be money managers as well as litigators to organize all of this. Do you have the skills and tools to handle your law firm’s finances?
Join Joshua Lenon, Clio’s lawyer in residence and Micky Deming from Kahuna Accounting, as they review the four steps law firms need to take to secure their finances in 2016 including:
- Getting systematized and organized financially
- Implementing Trust Accounting best practices
- Preparing for tax season
- Maximizing time through use of tools or service providers
This presentation explains the services Currency Exchange International offers, why corporations and financial institutions trust CXI, and most importantly the benefits of working alongside CXI.
Functional Currency (FC), as the word suggests, is the currency of the location or the economic environment in which a firm works.
To know more about it, click on the link given below:
https://efinancemanagement.com/international-financial-management/functional-currency-meaning-importance-how-to-determine
1. CUSTOMER SUCCESS
Treasury Management
Multi-Currency Accounts Provide
Global Solution
When Boykin tried to open new accounts overseas, working
with Wells Fargo and several other banks, he felt the ultimate
pain point of foreign banking. “We tried to open an account in
one country, and it took us close to six months,” Boykin says.
Clearly, opening foreign bank accounts is no easy task.
His Wells Fargo treasury management representative had
discussed multi-currency accounts with Boykin, explaining
that MCAs would allow Rowan Companies to collect and
disburse payments in foreign currencies without converting
them to U.S. dollars and incurring foreign exchange fees.
Multi-Currency Accounts Help Rowan Companies
Manage Global Cash Picture in One-Fourth the Time
Labor-Intensive Process Was
a Full-Time Job
When Michael Boykin moved from the assistant controller’s
office into the treasury department of Rowan Companies,
Inc., in 2005, he found himself spending 7 to 8 hours a day
managing the company’s bank accounts in the United States
and the 11 other countries where it does business.
A major provider of global contract drilling and manufac-
turing services, Houston-based Rowan Companies has more
than 5,000 employees worldwide and annual revenues of
more than $2 billion. The task of monitoring receivables,
payables, and payroll for all of the company’s domestic and
overseas operations—while complying with the financial
reporting requirements of Sarbanes-Oxley—falls to Boykin
and his team.
The company had a decentralized banking structure,
with each location responsible for opening its own bank
account and forming its own banking relationships
“I can now do in two hours what used to
take me seven or eight hours to accomplish.”
—Michael Boykin, assistant treasurer,
Rowan Companies, Inc.
Wells Fargo MCAs, with more than 30 currencies available,
are not foreign bank accounts; they’re Wells Fargo accounts
that reside in the Cayman Islands. But it was the experience
of trying to open a foreign account that made Boykin try
them. “I finally said, ‘It’s not worth it. Let’s just go through
Wells Fargo and do an MCA.’”
One MCA led to another until Boykin had centralized
Rowan’s global banking and returned control of the
company’s treasury functions to Houston. “We do maintain
local petty cash accounts, but any activity of a sizeable nature
is done through our Wells Fargo MCAs,” Boykin says.
in-country. Boykin quickly found that, from Houston head
quarters, he had limited visibility into and little control over
the foreign accounts.
“We used to spend almost the entire day just trying to account
for where our cash was and what had happened in all of our
foreign and domestic accounts,” Boykin says. “We often had
to wait for statements at the end of the month just to confirm
whether or not an item had cleared.”