Stena Finans benefits from Integrated IT2 Treasury & Asset Management
IT2 Treasury Solutions announces that AB Stena Finans, Stena AB’s finance company, has completed IT2 treasury management system implementation to support both treasury and asset management operations. Stena are taking advantage of the fully integrated IT2 solution to enhance control and reporting quality across their financial asset and liability portfolios.
The Stena Finans treasury operations supported by IT2 are diverse and sophisticated. There are 20 active IT2 users, and 15 occasional reporting users. The organisation turns over a large annual volume of FX transactions, and activities in this area include extensive option based hedging. Stena Finans manages a substantial debt portfolio, which incorporates non-standard deals, plus interest rate derivatives. Additionally, IT2 supports cash management operations. A large number of Stena’s legal entities are active treasury operators or counterparties, being involved in inter-company financing with the various Stena Finans units; many of them also have external deals on their books. Stena Finans maintains relationships with about 25 counterparty banks, which reflects its leading position in a capital-intense industry.
Stena Finans’s significant asset management operation primarily invests in equities, equity options and bonds, and the portfolio is actively managed. IT2 enables Stena Finans to manage its investment assets together with their treasury positions in a fully integrated, seamless solution.
The IT2 implementation has yielded significant control and performance reporting gains to the Stena Finans operation, in comparison with the prior solution, which was based on an older treasury system and spreadsheets. The information needed for reporting and analysis is now available in IT2’s single central database. ‘Overall, we are very pleased with the progress made with the IT2 project,’ states Torbjörn Sandblom, Risk Manager – Treasury at the Stena Finans headquarters in Göteborg, Sweden. ‘IT2 provides a reliable solution, which generates consistently dependable results, enabling us to view the traders’ positions better, and to produce the required management reporting, with highly automated processes and workflows.’
After upgrading to IT2 version 7.0 in 2010, Stena Finans will evaluate the broadening of their use of IT2 to encompass bunker fuel trading and property investment portfolio management.
Enquiries regarding this announcement should be addressed to:
Tatiana Liber, Marketing Director, +44 (0)20 8741 3553, Tatiana.Liber(at)it2tms.com
Kelvin Walton, Marketing Manager, +44 (0)20 8741 3553, Kelvin.Walton(at)it2tms.com
About Stena AB (http://www.stena.com):
Since its foundation in 1939, Stena has developed into an international group with business activities all over the world. Activities today are spread over several areas: shipping and ship owning, property, finance, environmental services and recycling.
The Stena Sphere consists of the three parent companies, wholly-owned by the Olsson family, Stena AB (public), Stena Sessan AB and Stena Metall AB. Together they make up one of Sweden’s largest family-owned corporate groups.
The parent company’s’ head office is in Göteborg and the Sphere has a headcount of around 15,000. Revenues for 2006 amounted to SEK 45,806 million with a profit of SEK 5,643 million (including the holding in the partly-owned Concordia Maritime).
About IT2 Treasury Solutions Limited (www.it2tms.com):
IT2 Treasury Solutions is a leading provider of treasury management software to corporate treasuries and financial institutions. The IT2 TMS is a fully integrated Best Practice solution that supports treasury in its entirety, fulfilling cash & liquidity management, funding and investment, financial risk, treasury accounting and hedge accounting requirements. Founded in 1982, the company is located in London, New York and Hong Kong and serves over 220 customers worldwide, including Abbott Laboratories, Etihad Airways, GSK plc, Hysan Development Co., Pirelli, Tyco International, Volkswagen International Finance and Volvo Financial Services.
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