TRUMPF Founds its Own Bank

Date Announced: 26 Mar 2014

The world's first universal bank for the mechanical engineering sector – from the real economy, for the real economy – offers for customers and employees.

Ditzingen, March 26, 2014 – The laser and machine tool manufacturer TRUMPF is the first company in its sector to found its own bank, complete with all competencies. The bank bears the name TRUMPF Financial Services GmbH, and in future will offer customers and employees a broad range of financial services. It is the first bank to have been founded in Baden-Württemberg for three and a half years.

A manufacturer's own deposit bank - so far only familiar from the automotive industry - is a worldwide novelty in the mechanical engineering sector. “With this step we are showing once again that we are highly innovative, not only in technology but also in other sectors,” said TRUMPF President Dr. Nicola Leibinger-Kammüller, adding: “We certainly have industry-specific advantages – we are closer to our customers than many traditional bank representatives, we are active in the real economy, and we provide for reinvestment in the German mechanical engineering sector.”

Being licensed as a universal bank will enable TRUMPF to offer entirely new products in the future for everything relating to sales financing, lending, and business startups – not only in Germany, but throughout Europe. This is because a full banking license also includes the so-called 'EU passport', enabling services to be offered across borders without the need for separate authorization procedures.

“With our financing solutions, we can now accompany our customers in their markets right across the EU,” says Harald Völker, Chief Financial Officer of the TRUMPF Group. “At the same time we are making ourselves less dependent on other sources of refinancing.”

Despite the universal license, the TRUMPF Bank will remain a special bank with industry-specific expertise, appealing primarily to customers in the manufacturing technology sector. TRUMPF employees will also benefit from the banking license: during the course of the year there will be daily, fixed-deposit and savings accounts available which offer attractive investment opportunities beyond the company pension scheme.

With the foundation of this bank, TRUMPF now stands out from the crowd – and that applies not only to sectors where high-tech companies usually operate but also the leasing sector. In view of the steady increase in regulatory requirements for the leasing sector in recent years, a growing number of companies have canceled their licenses. TRUMPF, in contrast, has decided to pre-empt this tighter regulation and to operate directly as a universal bank under the strictest supervision.

Ever since 2001 TRUMPF has provided sales financing via its own leasing company, which has operated since October 2012 under the name of TRUMPF Financial Services GmbH. In 2007 a second leasing company, TRUMPF Finance Switzerland, was added; due to other conditions it is also active worldwide in cross-border business.

Currently, customers in 22 countries are making use of TRUMPF financing models, and there are cooperation partners in eleven countries.

Source: Trumpf

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