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MobilCom Considers Setting Up Own Bank
Posted: 04-Jul-2000 [Source: Reuters]

[MobilCom AG is looking at the alternatives in the mobile financial arena.]

Frankfurt -- "German telecoms company MobilCom AG said on Tuesday it may set up its own bank as it considers plans to expand into financial services next year.

"A MobilCom spokesman said the company was looking at three options to enter the financial services market and was also considering a joint venture or cooperation agreement with outside partners, but had reached no final decision.

"He said the venture, which should be launched by the first half of 2001, would focus on services allowing customers to pay bills by telephone and on share trading.

"MobilCom's proposed move into financial services comes as mobile telephone companies seek to expand services in preparation for the introduction of third generation UMTS licenses. The new technology will allow operators to offer a range of interactive services via mobile telephones.

"... MobilCom said it had already informed banking supervisory authorities of its plans but had not reached a final decision on what form the financial services offer would take.

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