The structures that companies choose to help them achieve their cash management goals are often determined by how long they have operated in emerging markets, according to Indrajeet Maitra, head of cash management, Asia, at BNP Paribas. "Companies such as Unilever, Procter & Gamble or IBM have operated in emerging markets for decades," says Maitra. "Over that time, they have effectively become local companies. The cash management arrangements for such companies reflect the level of their domestic integration: for example countries such as India and China are considered separate to other Asian markets." A second group of multinational corporates, which typically have less experience in emerging markets, tend to see Asia as a bloc. "It’s easy to see why a developed-country-market treasurer would choose to take this approach," says Maitra. "It often reflects their stage of development – they know they have to consolidate their position in emerging markets but are unsure in what way – but it can be problematic to paint Asia with one brush, for example."