BOSTON, Oct. 21, 2019 /PRNewswire/ -- Hyundai Capital America (HCA) has won the Association for Financial Professionals 2019 Pinnacle Grand Prize for excellence in treasury and finance. The Pinnacle Grand Prize, sponsored by MUFG (Mitsubishi UFJ Financial Group NYSE: MUFG), was presented today before the opening keynote at AFP 2019 in Boston.
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HCA's submission involved overhauling their business in order to prosper with industry evolution. HCA saw the writing on the wall?a world with increased ride share, autonomous driving, electrification? and knew innovation was necessary or they would succumb to obsolescence. Uniquely, HCA's finance department was where the innovation began, having been given the role of directing overall strategy.
HCA's finance team decided to implement a new capital structure that could be agile and competitive in support of subscription ownership. HCA dramatically reduced its leverage and projected a strengthened financial profile, thereby reducing borrowing costs. The rating agency implied rating for HCA's capital adequacy improved by four full notches. The transformed funding flexibility has enabled the front-end of HCA's business to pursue new and innovative products.
"AFP is honored to recognize Hyundai Capital America's contribution," said Jim Kaitz, president and chief executive of AFP. "As disruption continues, Hyundai Capital America's solution embodies the innovative spirit required to advance the treasury and finance profession."
MUFG donated $10,000 to the charity of HCA's choice, Children's Hospital of Orange County, which specializes in pediatric care. The hospital has a pediatric residency program, as well as the Children's Heart, Neuroscience, Orthopedic, and Hyundai Cancer Institute.
Ranjana Clark, Head of Global Transaction Banking, Head of Transaction Banking Americas, and Bay Area President for MUFG, hosted the ceremony.
"MUFG is proud to partner with the AFP in recognizing companies for their advancements in treasury and finance," said Ranjana Clark. "Hyundai Capital America's entry highlights how an innovative approach can evolve the way companies conduct business. We congratulate Hyundai Capital America on receiving the Pinnacle Award and we are pleased to support their charity, Children's Hospital of Orange County, in serving the community."
The runners-up for the Pinnacle Award were Baird and Expedia Group. Along with Hyundai Capital America, these organizations were selected as finalists for their innovative solutions that demonstrated increased revenue, reduced risk, enhanced productivity, saved costs, or improved quality.
Headquartered outside of Washington, D.C. and located regionally in Singapore, the Association for Financial Professionals (AFP) is the professional society committed to advancing the success of treasury and finance members and their organizations. AFP established and administers the Certified Treasury Professional and Certified Corporate FP&A Professional credentials, which set standards of excellence in treasury and finance. Each year, AFP hosts the largest networking conference worldwide for more than 7,000 corporate financial professionals.
SOURCE Association for Financial Professionals
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