A group account is an effective instrument for bringing together the company’s liquidity.
Effective liquidity handling
Better monitoring and reporting of the whole group’s working capital
Reduced commission and interest costs
A group account system offers better liquidity control
In a group, there’s often surplus liquidity in some of the companies, while other companies have a liquidity shortage. But building up a group account system, the group can ensure it uses internal surplus liquidity before drawing on external credit.
A group account earns interest and motivates the subsidiaries to use capital resources efficiently.
Advantages of a group account system:
Setting up a group account system
The company must be an independent legal entity or defined as a group under the Norwegian Private Limited Liability Companies Act. Any foreign participants must satisfy legislation in their home country.
Your customer adviser will help you open a group account system.
Perfect for all types of incoming and outgoing payments
Tax deduction account
Set aside a separate account for withholding tax
Corporate savings account
Higher fixed-income security than regular account
Fixed rate deposits
Fixed-income security on the deposit over an agreed period
Security deposit account
Security when renting or letting a home
An account for settlement and transactions in the established currency
For administration of clients’ funds
Better use of the group’s overall liquidity
Liquidity control system
Better management and control with effective solutions