Bankgesellschaft Bows Out Of UK Market, Shifting FX To Berlin
BANKS
LONDON--In another move that has dented its reputation as the premier global centre for foreign exchange, Bankgesellschaft Berlin (BGB) wound down its London FX and treasury division earlier this month.
BGB, the investment banking arm of the group formed after the 1994 merger of Berliner Bank, Landesbank Berlin and Berlin Hypotheken Bank, is relocating its treasury and FX division back to its headquarters, confirms Jochen Zimmermann, global head of FX in the German capital.
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