ABN AMRO Bank has been appointed
by Swedish Match to manage its European cash management needs
across four countries.
ABN AMRO Bank will implement a new
structure for Swedish Match and it will initially include 16
legal entities. Swedish Match will be able to take advantage of
ABN AMRO Bank’s local contacts within its European banking
network. To optimise interest earnings and cash management, the
euro accounts will be pooled on a cross border zero balancing
basis. This will provide Swedish Match with a single net euro
position for the Netherlands, France, Belgium and Spain. Roll out
of the new structure will begin in August and will be finalised
in October 1999.
Anton Dikken, Country Manager for
ABN AMRO Bank in Sweden, commented:
"ABN AMRO Bank is
delighted to have been awarded this euro cash management mandate
for Swedish Match and given the fierce competition, this deal
further illustrates the bank’s ability to compete
successfully for European Cash Management on this scale. Our
advantage of course is our presence in all Euroland
countries."
Sven Hindrikes, CFO for Swedish
Match, commented:
"Swedish Match believes
that ABN AMRO Banks cash management product offering suits the
needs and strategy of Swedish Match now and in the future. The
main reasons for choosing ABN AMRO Bank is our strong
relationship, their strong commitment to Cash Management and the
fact that the Euro Cash pool solution support us in reaching our
business objectives by optimising our liquidity management and
thereby reducing our balance sheet and improving the financial
net.
Swedish Match is an
international group with its head office in Stockholm. The
company produces an extensive range of tobacco products, matches
and disposable lighters, which are sold in 140 countries. The
company’s total sales during 1998 amounted to approximately
MSEK 8,200. The Swedish Match share is listed on the Stockholm
Stock Exchange (SWMA) and NASDAQ (SWMAY)
For further information, please
contact:
Sven Hindrikes, Senior Vice
President &
Chief Financial Officer Office + 46 8 658 02 82
Jan Arpi, Group Treasurer Swedish
Match Office +46 8 658 01 81
Anton Dikken, Country Manager ABN
AMRO
Bank Stockholm Office +46 8 5061
50 00