Siemens to open its own bank by year’s end

The Pak Banker - - Company& -

BER­LIN: Ger­man in­dus­trial con­glom­er­ate Siemens AG says it has re­ceived the reg­u­la­tory clear­ing to start its own bank, pos­si­bly by the end of the year.

Siemens said Tues­day the bank will boost its sales fi­nance di­vi­sion and en­hance its risk man­age­ment. It says Siemens Bank GmbH will also add flex­i­bil­ity to the group's fi­nanc­ing with its abil­ity to re­fi­nance it­self through the Euro­pean Cen­tral Bank, or place de­posits there.

Siemens ap­plied for the bank­ing li­cense in June. The com­pany says the bank will fo­cus on Siemens' clients and other cor­po­rate bank­ing op­er­a­tions, but won't do re­tail bank­ing. Spokesman Wol­fram Trost says the bank is to be opened within sev­eral weeks, prob­a­bly be­fore the end of the year. Mu­nich-based Siemens has some 400,000 em­ploy­ees world­wide. - PB News

MA­KEEN: Chief of Army Staff Gen­eral Ash­faq Parvez Kayani and Chief of Air Staff Air Chief Mar­shal Rao Qa­mar Sule­man ar­rive at Ma­keen for the launch­ing cer­e­mony of the re­con­struc­tion of Govern­ment Higher Sec­ondary School Ashkarkot, Ma­keen. -On­line

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