Special case of IHB
To support the standard collection, payments, HR, T&E and other financial processes IHB manages most of the bank accounts in Europe and North America and some bank accounts located in other regions) . Solvay SA and Solvay Finance America own these bank accounts and its management must comply with the by-laws of the two companies.
The general principle is that any IHB and standard factoring process participant is not authorized to have local bank accounts for the purposes mentioned in the previous paragraph.
If the local law authorizes it, an entity should not own any bank account outside its “Internal Bank Account” in the two financial companies.
Group Treasury can ask the closure of bank accounts to a legal entity if there is no legitimate reason to maintain the bank account.
Rule will be “Comply or Explain”: the entity should justify to Group Treasury the reason to keep the existing bank accounts and after review Group Treasury is in the position to request the closure of the bank accounts
IHB bank accounts (as well as all Solvay SA bank accounts) are subject to the same process as for the other entities, the only difference is that the requester is the Treasury Operation team responsible for IHB.