Annual Report 2002 (pdf, 1319K) - WestLB
Annual Report 2002 (pdf, 1319K) - WestLB
Annual Report 2002 (pdf, 1319K) - WestLB
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The Company People and Markets Financial <strong>Report</strong> Names and Locations<br />
overall quality. The combination of centralised<br />
processing and decentralised account management<br />
and product distribution will ensure that our<br />
corporate clients and partner banks receive the<br />
best possible service. In <strong>2002</strong> we once again<br />
developed innovative, cross-border sales financing<br />
and pressed ahead with the development of<br />
web-based solutions, which enabled us to offer<br />
our partner banks a complete range of electronic<br />
trade finance products and services. Going<br />
forward, we will develop web-based solutions<br />
in close liaison with the savings banks which<br />
will help to optimise processes even further.<br />
WPS Bank: Central Securities Service<br />
Provider for the Savings Banks<br />
WPS WertpapierService Bank AG (WPS Bank)<br />
increased the number of securities accounts<br />
under its management by 50% to roughly<br />
1.8 million in <strong>2002</strong> and also further enhanced<br />
the stability of its settlement systems. As a result,<br />
WPS Bank strengthened its position as one of<br />
the leading providers of securities services in<br />
Germany. In connection with the realignment of<br />
business at <strong>WestLB</strong> AG, WPS Bank was sold at<br />
the beginning of this year to the savings banks<br />
and giro associations of the Rhineland and<br />
Westphalia-Lippe.<br />
The most important project in <strong>2002</strong> involved the<br />
transfer of 13 major savings banks from the<br />
securities system of Sparkassen Informatik GmbH,<br />
which was started in the previous year. The<br />
WPServe processing system is now used by<br />
all the savings banks in North Rhine-Westphalia<br />
and Brandenburg. As part of the MAEGASys<br />
project, this system will be expanded to include<br />
functional elements for institutional investors<br />
and will entirely replace the BSP TRADE system<br />
for wholesale clients in the near future.<br />
Migration projects already started for other<br />
savings banks associations (Nord-Verbund) are<br />
paving the way for the acquisition of additional<br />
customer groups in 2003. Outside the savings<br />
banks organisation, where the biggest client is<br />
Postbank EasyTrade.AG with a total of 450,000<br />
securities accounts, a further potential client for<br />
fund accounts has been acquired for 2003. In<br />
seeking to expand the market position further,<br />
the migration expertise demonstrated once<br />
again in <strong>2002</strong> is likely to be a crucial factor of<br />
competition.<br />
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