Deutsche Bank has set up a supply chain finance programme for white goods manufacturer Electrolux Major Appliances’ North American (EMA-NA) business.

The programme will provide suppliers with a lower cost source of funding through which they can convert Electrolux receivables into cash through Deutsche Bank.

The bank would not reveal the amount of money set aside for Electolux’s programme when contacted by GTR

“We will not be able to disclose a dollar amount for the programme and there is no expiration date to mention,” a spokesman said.

“Electrolux suppliers are offered a new source of liquidity along with an effective and flexible tool to manage their cash flow needs,” says Jonathan Richman, global product head of trade and financial supply chain at the bank.

“Deutsche Bank will work closely with EMA-NA to build out this financial supply chain programme.”

Geoff Pollak, vice-president of purchasing at Electrolux North America, tells GTR: “Electrolux NA selected Deutsche Bank after a significant request for proposal process that included reviews by our Electrolux cross-functional teams in procurement, accounts payable, IT and treasury, as well as discussions with companies that have implemented similar programmes.

“As a result, Deutsche Bank was chosen because of their worldwide presence, their dedicated global on-boarding team and their web-based platform for our suppliers.”