Dresdner Kleinwort Benson (DrKB) has created its Online Markets business unit as a full and separate business unit, which will be headed by Achilles Macris, who joins the management board. Officials say the change in status reflects the increasing importance of electronic commerce to DrKB’s future.
Macris will maintain his responsibilities as global head of FX, local emerging markets, precious metals and commodities, and the strategic trading and futures businesses of Global Markets, based in London. He will report to DrKB chairman & CEO Leonhard Fischer in his Online Markets capacity.
“The creation of Online Markets shows the commitment of the bank to e-commerce initiatives,” says Macris. “We are changing the business model across all our investment banking businesses, and will look into partnering with other financial institutions in the e-commerce space.”
The new division will formulate, drive and implement the strategy for DrKB’s online products and e-Financial incubator activities (the firm’s Internet investment vehicle), as well as be responsible for the distribution of all DrKB’s e-commerce products. “This development reflects the increasing importance of electronic commerce to our businesses and our commitment to position Dresdner Kleinwort Benson appropriately,” says an official.
Online Markets currently provides 11 products to DrKB clients online, accessible by certificated users through a portal at www.drkb.com. The products now available use real-time information, straight through processing and offer maximum transparency from execution to electronic confirmation, as well as back office documentation, the official adds.
Additionally, DrKB clients can monitor progress of their orders, and track and analyse previous trading activity.