Tesco Lotus Awards HSBC and Siam Commercial Bank Cash Management Mandate
HSBC was appointed key overlay bank to Tesco Lotus, focusing on cheque outsourcing and the handling of all electronic file transmissions between Tesco Lotus and the selected banks. Siam Commercial Bank was awarded payroll and supplier payment services. As the overlay bank, HSBC will provide a single point of contact to Tesco Lotus, and act as a file transmission agent to route cheque outsourcing transactions to HSBC, and payroll/supplier payments to Siam Commercial Bank for processing.
HSBC and Siam Commercial Bank say that the integrated cash management solution will deliver benefits including: