ING Bank Philippines and Bank Mendes Gans (BMG) will be in charge of centralizing International Container Terminal Services Inc.’s (ICTSI) cash management involving multiple countries and currencies.

ING hopes to simplify the process and to help clients in utilizing their own funds and minimize external borrowings and relevant costs. The unique features of BMG’s cash pool also help ICTSI to avoid intercompany loans by allowing each subsidiary to open accounts with BMG in its own legal name.

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“This solution implemented with ING and BMG further widens ICTSI’s liquidity management tools aimed at simultaneously supporting our capital expenditure and deleveraging programs,” said Rafael Consing, SVP and CFO of ICTSI.

The mandate was closed as a result of the joint effort and close cooperation between the relationship teams of BMG and ING Philippines. BMG, a 100% wholly owned subsidiary of ING, provided expert counsel and advice to ICTSI through several discussions with its legal, tax, compliance, and offshore subsidiaries.

“We envision that this cash pool solution by ING and BMG could be extended to more Philippine corporates with a wide international footprint,” said Jun Palanca, head of Wholesale Banking at ING Bank, Philippines.