After two years as ABN AMRO's Hong Kong rep for corporate cash management, Anthony Solimini is to launch a consultancy practice - setting himself up as a gun for hire. Solimini is currently on gardening leave from his old firm and will begin his practice on September 1.
A cash management veteran, Solimini has worked as the regional head of product management under Lawrence Webb at HSBC and has also spent time with Standard Chartered. He joined ABN AMRO two years ago as Greater China boss for cash and payment sales, and the bank's main point of contact in Hong Kong.
He was one of several hires made in 2000 and 2001 by the then regional head Leonard Stolk who reinvigorated ABN AMRO's corporate cash management operation in Asia by seconding industry pros like Denis Leadbitter from Bank of America and Ken Tashima from Citibank. Stolk has now returned to Europe and the local operation is run by Ricor da Silveira.
Solimini says his consultancy practice will fill a gap that exists in the cash and treasury market. "There are very few experts in Asia who are not associated with a particular organization or financial institution. People who can work with companies on a contract basis to assess their needs and train their staff. This way a company or financial institution can get a seasoned expert when required, but not have to have a large team on hand, or deal with someone that is tied to one organization."
Solimini expects most work will come from companies going through the RFP process to select a new cash management bank or reaffirm their relationship with an old one. "Companies need to be sure they are getting a solution that works, adds value, is delivered at a cost that makes sense, and an implementation that disrupts
the internal workings of the company as little as possible." He says the availability of a consultant will mean that companies are not required to devote in-house resources to the selection process.
ABN AMRO's da Silviera has not announced a replacement for Solimini who left the bank on June 4. The bank is now implementing a new Working Capital Structure for its treasury services that will integrate cash management, trade services, short-term funding and foreign exchange into a package for clients.