Deutsche Bank forms 'haggis' team of poachers

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Deutsche Bank has unleashed its plumbers on Royal Bank of Scotland.

Bloomberg News reports that the bank has formed a committee, known informally as the 'haggis' team after the Scottish offal dish, to poach RBS’s biggest customers as the lender retreats from commercial banking outside of the U.K., said two people with knowledge of the matter, who asked not to be identified discussing the bank’s internal operations.

Leading the charge is Deutsche Bank’s global transaction banking team, who call themselves 'plumbers' to reflect their low profile compared with dealmakers and traders. They help firms manage cash and process payments, activities where RBS has already started referring some clients to BNP Paribas.

'We’ve put a team together to go after our target clients who used to bank with RBS, and won numerous cash and trade management mandates', Michael Spiegel, head of trade finance and cash management for corporates at Deutsche Bank, said in an interview. 'We expect these to become long-term stable and fee-based income streams, which the bank loves'.

To access the complete Bloomberg News article hit the link below:

Deutsche Bank ‘Haggis’ Team Chases Cash-Flow Clients RBS Gave Up

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