“I’m very pleased about the equity stake of Deutsche Bank. It confirms their commitment and confidence in Eurogiro’s remittances strategy to achieve global REACH “, says Tjeerd Rienstra, CEO Eurogiro A/S.”
Frankfurt am Main / London, January 20, 2010
Deutsche Bank's Global Transaction Banking division today announced that it has strengthened its ties with Eurogiro, a leading global payments network and community. Eurogiro is the second largest network for cross-border payments with a focus on connecting the world's postal organizations, post banks, banks and other financial institutions. Deutsche Bank will take an 8% equity stake in the company.
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 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. For its part, Eurogiro provides Deutsche Bank with access to its global network of postal banks and postal organizations.
This latest strategic investment reinforces Deutsche Bank's commitment to the Eurogiro community and also to combining the Bank's existing offering with the reach of the Eurogiro network, thereby creating a unique product in the market.
Both parties stand to gain from Deutsche Bank's investment. Eurogiro will gain access to knowledge and support from a world-leading transaction bank while also ensuring financial flexibility to keep abreast with the latest developments in the payments market. Deutsche Bank, in turn, will combine its strong market position in payments and cash management with Eurogiro's unrivalled retail distribution power through the global postal network with a reach of over two billion individuals worldwide.
The ultimate beneficiaries of this partnership will be Deutsche Bank's Financial Institution clients. As Paul Camp, Head of Cash Management Financial Institutions at Deutsche Bank says, "Becoming a shareholder in Eurogiro perfectly supports our Global Remittance initiative. Clients will benefit from our existing product capabilities enhanced with the Eurogiro reach and functionality such as SMS advising. With minimal investment, our global clients can earn additional revenues as well as attract and retain customers with a new and improved remittance offering."
Armin Brun, chairman of Eurogiro and Deputy Head of Swiss Post PostFinance, adds, "As Chairman of Eurogiro, I welcome Deutsche Bank's continued and now significantly increased involvement with Eurogiro and with the Eurogiro community. Deutsche Bank's investment underscores Eurogiro's unique market position and potential for growth. In my role as Head of Markets and Distribution for Swiss Post PostFinance, the largest provider of international payments in Switzerland, I have always valued our partnership and look forward to increasing our collaboration in part thanks to this mutual, close tie to the Eurogiro network".
For further information:
Deutsche Bank
Global Transaction Banking
Christoph Woermann
+44(0) 207 545 4432
[email protected]
About Deutsche Bank
Deutsche Bank is a leading global investment bank with a strong and profitable private clients franchise. A leader in Germany and Europe, the bank is continuously growing in North America, Asia and key emerging markets. With 78,530 employees in 72 countries, Deutsche Bank offers unparalleled financial services throughout the world. The bank competes to be the leading global provider of financial solutions for demanding clients creating exceptional value for its shareholders and people.