Carve out support for treasury department

As part of our customer's carve-out, the Treasury Department wanted to guarantee the financial autonomy of subsidiaries at the closing date and achieve the target cash level. The main objective was to ensure that each subsidiary had autonomous cash management within each sub-group, in particular by setting up an independent cash management structure, settling intra-group transactions and building up sufficient cash to ensure business continuity post-separation. This assignment was part of our client's decision to separate its hotel operations from its real estate investment activities, in order to improve the financial and operational performance of both entities.

The approach consisted of an in-depth review of the financial, legal, tax and operational situation of the subsidiaries, covering 28 countries and around 400 companies. A rigorous formalization in the form of checklists was carried out in collaboration with local contacts to identify key subjects and their progress. A country-by-country summary was then produced to analyze gaps and potential risks. On this basis, a specific action plan was drawn up for each country, with regular monitoring of the project through to closing, to ensure that measures were implemented in a coordinated manner and in line with the defined objectives.