Siemens to set up its own bank

Siemens is seeking a banking licence to manage its own risks and expand the product portfolio of its financial services unit, the German industrial conglomerate said yesterday. Siemens, Europe's biggest engineering company, said it had applied for the licence to German financial regulator Bafin, which is now reviewing the application. Chief financial officer Joe Kaeser said Siemens was seeking more independence from financial institutions as a result of the worldwide financial crisis.