United Arab Shipping Company taps Deutsche Bank for cash management services

The United Arab Shipping Company (UASC) has mandated Deutsche Bank to provide cash management solutions for the company’s operations in 18 European nations.

With more than 60 container ships and 185 offices around the world, UASC is the Middle East’s largest shipping company, and handling cash management services in those 18 European countries will be no small task for Deutsche Bank.

Michael Spiegel, head of trade finance and cash management corporates at Deutsche Bank, said his company is ready to tackle that task.

“We are proud to be selected by UASC as it further reflects our expertise in providing global cash management solutions to our unique client base,” Spiegel said. “We are proud of our strong track record delivering leading treasury solutions that empower clients to meet the challenges and complexities of their international operations.”

UASC Vice President for Treasury and Investments Roderik Flikweert said the shipping company is looking to deploy a better cash management system for its entire global operation. Deutsche Bank will be responsible for rolling out the first test phase of that initiative in Europe.

“We were looking to invest in an advanced cash management framework worldwide in order to strengthen our risk assessment, provide us with better cash control and seamless transactions across the globe,” Flikweert said. “UASC will implement the new solution in Europe first, with plans to roll out globally.”