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Need A Global Bank? The Short List Is The Only List

But there are some newcomers like HSBC, which is making a play for domestic cash management, that could ease the pressure on corporate treasuries

By Richard Gamble | Updated on June 01, 2003

Ben Bastianen, treasurer of Milwaukee-based Johnson Controls Inc., can make global cash management sound easy: concentration accounts for each country in which Johnson Controls does business that are zero-balanced daily to a master account whenever possible. He uses Bank of America to handle cross-border transactions. Voila!

Let’s face it, not every company is Johnson Controls, No. 86 among the Fortune 500 with $20 billion in annual revenues and $1.7 billion a month flowing between collection and concentration accounts. And not every bank can do what Bank of America can do for Bastianen.

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