Deutsche Bank’s Global Transaction Banking division has acquired an 8% equity stake in Eurogiro A/S, a Taastrup, Denmark-based global payments network and community focused on connecting the world’s postal organizations, post banks, banks and other financial institutions.
Deutsche Bank has been engaged with Eurogiro for over 10 years providing its members with US settlement services. Its 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 investment intends to reinforce 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.
The ultimate beneficiaries of this partnership will be Deutsche Bank’s Financial Institution clients.
Commenting on the investment, Paul Camp, Head of Cash Management Financial Institutions at Deutsche Bank, was reported to say: “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”.