Westpac Institutional Bank launches market-first corporate cash solution
11 February 2013
Westpac Institutional Bank today launched an innovative deposit product – the first of its kind in Australia - giving corporates and institutions unprecedented flexibility in managing working capital.
Westpac Corporate Evergreen Account (Evergreen) provides organisations with a choice of notice periods to suit their liquidity needs. Up until now in Australia, corporates and institutions have not had the ability to manage their cash flow and working capital needs with such efficiency.
Evergreen’s competitive variable rates provide the potential to earn higher interest rates than the equivalent duration deposits.
How it works
There is no minimum investment amount and organisations can add funds to their account at any time to maximise the return on surplus cash flows, while having the option to withdraw all, or some of their money after serving a predetermined notice period – either 31, 60, 90 or 180 days.
Westpac Head of Corporate Cash Management Daniel Moses said: “Maximising returns on cash assets and working capital is a priority in any environment but never more so than today. Evergreen is ideal for Treasurers and CFOs who have an increasing desire for flexibility when forecasting their liquidity and want to improve their return on surplus funds.”
“This product truly differentiates us from the competitors in a challenging market place and adds to our market leading global transactional services product suite,” he said.
Interest is calculated daily and paid monthly with the option of interest being paid to a linked Westpac account or reinvested within Evergreen.
Evergreen can be managed through Westpac Institutional Bank’s market leading internet banking portal Corporate Online. This gives organisations direct access and visibility to forecast and manage future cash flows.
Westpac Banking Corporation (Westpac) was founded in 1817 and was the first bank established in Australia. Today, the Westpac Group has branches and controlled entities throughout Australia, New Zealand and the near Pacific region and maintains offices in key financial centres around the world including London, New York, Hong Kong, mainland China, Singapore and India. Westpac Group employs approximately 37,000 people and has three key customer facing divisions through which we serve around 12 million customers.
About Westpac Institutional Bank
Westpac Institutional Bank (WIB) delivers a broad range of financial services to commercial, corporate, institutional and government customers with connections to Australia and New Zealand.
WIB operates through dedicated industry relationship and specialist product teams with expert knowledge in transactional banking, financial and debt capital markets, specialised capital, and alternative investment solutions.