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| Siemens opens its own bank Siemens has received authorization from Germany's Federal Financial Supervisory Authority (BaFin) to engage in banking operations. The Siemens Bank GmbH will support sales at the company's three operating Sectors – Industry, Energy and Healthcare – by expanding, with loans and guarantees, the product portfolio of Siemens' financial services unit in the area of sales financing, in particular. Through deposit banking activities, the bank will also increase the flexibility of Siemens' internal financing operations and optimize risk management. Future customers are expected to include primarily businesses, public authorities and project companies. The new bank will not offer products for private individuals. The Siemens Bank will be headquartered in Munich, Germany, and begin operations shortly. In addition to its loan and guarantee business, the Siemens Bank will provide deposit banking services for Siemens companies and selected institutional third parties and take over services in the areas of risk management and risk controlling for Siemens and external customers. For the time being, the Siemens Bank will be represented only in Germany. Cross-border activities are being planned. The Siemens Bank will be a wholly owned subsidiary of Siemens AG and will operate as a separate company. The Siemens Bank GmbH management team will be comprised of Roland Chalons-Browne (CEO), Peter Rathgeb (CFO) and Ingeborg Hampl (CRO). In segment reporting, the bank will be assigned to Siemens' Cross-Sector Business Financial Services. write your comments about the article :: © 2010 Construction News :: home page |