Chinese equipment vendor Huawei has opened a global finance centre in London, aimed at managing the company’s financial risks.
The centre will be responsible for several functions including liquidity management, foreign exchange risk management,…
Chinese equipment vendor Huawei has opened a global finance centre in London, aimed at managing the company’s financial risks.
The centre will be responsible for several functions including liquidity management, foreign exchange risk management, credit management, and global financial compliance.
The new centre will also house a team tasked with managing the company’s relationships with international banks and finance partners located in London.
Commenting on the move, Huawei CFO Cathy Meng said: “[The centre] will become the overall financial risk assessment and control centre for Huawei, and will help Huawei carry out consistent and low-risk financial operation globally, allowing us to continuously provide our customers with high-quality services.”
This summer, Huawei signed US$1.5bn worth of dual currency debt facilities – its largest-ever overseas financing – via its subsidiary Huawei Tech Investment.
This was the first time the Chinese vendor raised a dollar/euro-denominated syndicated facility “in line with its significantly growing global presence and, in particular, its strategic expansion plan in Europe”, the company noted at the time.
Earlier this year the company had announced it was no longer as interested as it used to be in the US market after years of trying to convince Washington legislators that it does note pose a security threat. Consequently, the vendor said it would turn its focus to other markets: “The growth of Huawei’s carrier network business is primarily from developed markets in other parts of the world,” it stressed at the time.
