Deutsche Bank takes 8-per cent stake in Denmark’s Eurogiro
22 Jan 2010
Deutsche Bank AG will take an 8-per cent stake in Denmark-based Eurogiro, a company that specialises in cross-border payment, the bank's global transaction banking division said yesterday.
Eurogiro is the second largest network for cross-border payments that focuses on connecting the world's postal organisations, post banks, banks and other financial institutions, the bank said in a statement.
"Becoming a shareholder in Eurogiro perfectly supports our global remittance initiative,'' Paul Camp, head of cash management financial institutions at Deutsche Bank said.
''Clients will benefit from our existing product capabilities enhanced with the Eurogiro reach and functionality such as SMS advising,'' he said adding that with minimal investment the banks' global clients can earn additional revenues.
Being Germany's largest lender by assets, Deutsche Bank has been engaged with Eurogiro for over 10 years and has established numerous long-term relationships with the Eurogiro community.
The bank is already an acting board member of Eurogiro and also provides its members with US settlement services. This offering is currently being expanded to include multi-currency settlement services.
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