Matsushita Electric Industrial Co said on Monday a wholly owned subsidiary will set up an in-house financial firm in Amsterdam in May to streamline its finance and foreign exchange transactions world-wide.
The company, called Panasonic Global Treasury Center B.V., will be capitalised at $500 million and start operations in September.
The move is aimed at cutting costs by centralising financial transactions, which are currently done on a regional basis, Matsushita said in a statement.
It will also introduce a round-the-clock global treasury system connecting its roughly 600 group firms and become the first Japanese non-financial company to use the SWIFT (Society for World-wide Interbank Financial Telecommunication) service.
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