The move to combine currency processing now done in many different countries allows the bank to take advantage of common processing technology and a shared database.

In the past 12 months, Deutsche Bank has also made Sydney a hub for processing regional fund management, futures and structured finance transactions because the city has a skilled workforce and up-to-date legal, accounting and technology infrastructure.

The bank, which said it handles about 12.5 per cent of all foreign exchange transactions globally, didn’t disclose how much it would spend setting up the processing centres.

"Selecting Sydney as one of two global foreign exchange processing hubs may be a precursor to many other opportunities in other business areas, using the same technology," Thomas Fischer, a member of Deutsche Bank’s board of managing directors, said.

posted by Administrator at 11:50 am & filed under Dollars |