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Outsourcing the Settlement Piece

Feeling pressures of EU banking reform, two German banks merge back offices to cut costs. By Nicholas Pratt

The move by two of Germany's state banks to bundle their settlement operations into one joint venture starting early next year may offer the first glimpse of the effects of banking reform in Germany imposed by the European Union.

In August, Bayerische Landesbank (BayernLB) and Landesbank Hessen-Thuringen (Helaba) announced the formation of the venture, to be

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