GlaxoSmithKline Clears Cash From Eurozone On A Daily Basis
February 8th, 2012It’s like having a PayPal account! *chortle*
Via: Telegraph:
GlaxoSmithKline is clearing cash out of eurozone countries on a daily basis to protect itself against a potential banking and liquidity crisis in the region.
Sir Andrew Witty, chief executive of Britain’s biggest drug maker, said that early last year the company had started emptying “tens of millions of pounds” in cash every day out of most eurozone countries into accounts in Britain.
“We don’t leave any cash in most European countries. We sweep any cash we raise during the day out of local banks into banks we think are robust and secure,” he added. “You do your best to actively manage the risk.”
Research Credit: GP
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