Transitioning to NEW Banking Partners
OVERVIEW
The project involved managing a tender process for the provision of payments and cash management services, working capital, bank guarantee, merchant and equipment funding facilities. The client’s existing facilities were split across two of the “big four” banks and were to be consolidated with one provider.
ROLE
We assisted the client by:
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identifying the appropriate tender participants;
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drafting the tender document based upon client requirements;
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managing the process timetable;
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engaging with the invited tendering banks (the four Aussie majors) to provide core information and answer questions posed through the process;
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reviewing the tenders and advising the client on the relative merits of each;
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negotiating the final terms with the successful short-listed bank; and
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assisting the client through the transition and implementation process.
KEY CHALLENGES
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Timing – the project had a 100 day timeline from inception to implementation, a tough ask for a business with revenues of A$500m per annum.
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Managing client relationships – we kept the relationship with the client at the core of our activity, particularly as in one case a long-standing relationship of many decades was ended and a new banker/customer pairing established.
KEY BENEFITS DELIVERED
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On-going annual cost savings of approximately $550k;
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The client has achieved the consolidation of its banking facilities, with the only institution that was capable of supporting all its needs.
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A relationship has been established which provides the business with a solid platform for future growth.