Siemens has received permission to set up
Siemens Bank in Germany, giving it license to do structured loans
in the country.

It will also mean greater flexibility for
Siemens in the way it is able to raise funds on the financial
markets, through deposit-taking and from central bank funding.

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Siemens said it would expand the product
portfolio of Siemens Financial Services, particularly in financing
sales of Siemens products. Industry, energy and healthcare were
named as the three sectors of focus.

Roland Chalons-Browne, CEO of Siemens
Financial Services, said: “Financing solutions have become
increasingly important for sales activities, particularly since the
onset of the financial and economic crisis. With our own bank, we
can provide loans for project and investment financing in Germany
and, thus, support sales financing over the long term.”

Siemens Bank will be based in Munich, Germany,
and will begin operations soon.

Liz
Bury

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