SunGard Asia Pacific, an operating unit of SunGard, today announced that LG Electronics (LGE), a major global provider of electronics, information and communications products, has selected AvantGard-Quantum to manage its global treasury operations and the treasury operations of its 74 subsidiary companies across the globe.
Byeong Il Min, manager of LGE's International Finance Group, said: "Our vision at LGE is to consolidate our treasury operations and maintain Korea as our central operation with key regional treasury centres across the globe. These regional centres will be responsible for the treasury operations of our subsidiary companies in each region. This centralised structure will help improve our operational efficiencies and procedures, and reduce costs. Through the implementation of AvantGard, we now have the capability to achieve this."
Key to LGE's decision was a solution that would help it to consolidate its payment processing across all subsidiary companies.
"Given our immediate centralisation objective of the treasury operation and payment process, it was important that we partnered with a global leader, with regional strength and a proven solution. SunGard could deliver in each of these categories," concluded Min.
John Wilson, president, SunGard Asia Pacific, said: "AvantGard is a leading treasury solution in the Asia Pacific region. It can help organisations to centralise their operations while their regional and support offices can access the data they need in real-time. This capability proves a tangible benefit to our customers and helps them to achieve their objectives. SunGard is pleased to be partnering with LGE and expanding our operations in Korea and across the region."
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LG Electronics, Inc (Korea Stock Exchange: 6657.KS) was established in 1958 as the pioneer in the Korean consumer electronics market. The company is a major global force in electronics and information and communications products with more than 64 000 employees working in 74 overseas subsidiaries and marketing units around the world. With annual total revenues of more than US $16.9 billion (non-consolidated), LG Electronics comprises three main business companies: Digital Display & Media, Digital Appliance, Telecommunication Equipment & Handset.
LG Electronics' goal is to enable the intelligent networking of digital products that will make consumers' lives better than ever. (www.lge.com).
SunGard Asia Pacific
SunGard Asia Pacific combines the global presence and strength of SunGard with local knowledge and expertise. Dedicated staff members in 12 offices in 10 countries across the region are committed to providing exceptional service, leading-edge technology and integrated solutions to the Asia Pacific financial services community. Serving over 400 clients in Asia Pacific, its key principles rest on quality service and support.
SunGard
SunGard is a global leader in integrated software and processing solutions, primarily for financial services. SunGard also helps information-dependent enterprises of all types to ensure the continuity of their business. SunGard serves more than 20 000 customers in more than 50 countries, including the world's 50 largest financial services companies. SunGard (NYSE:SDS) is a member of the S&P 500 and has annual revenue of US$3 billion. Visit SunGard at www.sungard.com.
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