Clients and partners news

22 January 2020

Gazprombank launched an individual solution for centralized liquidity management (cash pooling) for Siberian Coal Energy Company (SUEK) with an overdraft limit of 15 billion rubles. More than 30 SUEK companies located in various regions and time zones of Russia will be connected to cache pooling.

Cache pooling for SUEK is an example of a comprehensive solution that allows a company to effectively manage cash flows and liquidity of the entire group as a whole, reduce cash gaps, optimize interest expenses, and also receive additional income from the placement of funds.

The main advantages of the product for the centralized treasury of the company are the maintenance of minimum liquidity for the execution of payments, the instant execution of payments by pool participants, and the minimum number of transactions on various types of contracts supported by the system.

"SUEK JSC has been a strategic partner of Gazprombank for many years, with which a number of significant projects have been successfully implemented. The choice of Gazprombank as the settlement bank of SUEK Group is another important step in the development of our cooperation, and we greatly value the confidence taken into us," Denis Kamyshev, First Vice-President and Member of the Management Board of Gazprombank, commented.

"We are extremely satisfied with how quickly and efficiently this project important for the company was developed and implemented. Gazprombank has once again confirmed its ability to take into account all the specific conditions of the client when solving complex tasks," Nikolay Pilipenko, Chief Financial Officer, member of the SUEK Management Board, pointed out.

"Gazprombank is one of the leaders in the Cash Management services market and is constantly developing a line of transactional products, implementing non-standard solutions to meet the ambitious needs of our corporate clients. The technologies being developed are in demand among our major strategic partners, are most efficient and fully meet the expectations of company treasurers," Andrey Korolev, Executive Vice President, Gazprombank, added.

Original publication

The project at Gazprombank was implemented on the basis of Enterprise Clearing Centre (ECC), BSS’s platform for creating modern systems in the field of automation of the treasury tasks. For many years this platform has been successfully used by the bank, which provides platform-based services to the largest corporations, including SUEK.

During the project, the functionality of two modules of the "Cash Management" block was expanded in ECC to meet the needs of the bank and its client. A new attribute of the contract for material pooling — a business contract — was added. The functionality of combining material pooling agreements into groups was implemented, including the possibility of specifying the same account of a subsidiary in several simultaneously valid agreements of the same pool.

The customer — Bank GPB (JSC), and its client — SUEK JSC, highly appreciated the speed and quality of the project, as well as the new capabilities of ECC in terms of cache management.

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