Siemens to open its own bank by year’s end

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.