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Deutsche Bank buys stake in receivables auction platform TrustBills

Deutsche Bank has bought a 12.5% stake in receivables auction platform TrustBills.06 Apr 2017

Founded in 2015, TrustBills is an electronic marketplace for national and international trade receivables.

Michael Spiegel, Deutsche Bank's head of global transaction banking for Germany said: "Advancements in technology will significantly change the trade finance market. The digital solution offered by TrustBills is an excellent add-on to our value proposition in corporate banking."

Terms of the deal are not being disclosed, Deutsche Bank said.

Jörg Hörster, the founder TrustBills said: "Deutsche Bank’s position as one of the world’s largest trade finance banks will provide a great basis for the international roll out of TrustBills."

DZ Bank, Germany's fourth largest bank acquired a 25% share in TrustBill in May 2016.

TrustBills joined the International Trade and Forfaiting Association (ITFA) in December 2016.

"With TrustBills we create a new internet auction-platform, to enable a fast, secure and simple true sale of international trade receivables. We are convinced that we will benefit from the profound and vast experience of ITFA and its members. At the same time, we want to act as an active member to facilitate and improve international trade.", Hörster said at the time.

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