Account Management
WestLB is a leading German provider of account management services for foreign financial institutions. Several hundred institutions from all over the world maintain accounts with WestLB. Your institution, too, can benefit from the advantages.
Euro-denominated accounts typically carry interest at near-money market rates. The reference rate (+/- margin) is the EONIA (Euro Overnight Index Average). The EONIA is the effective overnight rate computed as a weighted average of all overnight unsecured lending transactions in the Interbank market as reported to the European Central Bank by the financial institutions transacting the highest volumes in Europe. Being one of the so-called “panel banks”, WestLB is instrumental in setting this rate.
All movements in your accounts with WestLB trigger account statements via SWIFT MT950 or, on request, SWIFT MT940. Account statements will also be sent at the end of each booking period. Hardcopy account statements are available at an extra charge. It is optionally possible to track account movements over the Internet and to download account statements.
Apart from euro-denominated accounts, WestLB can also manage accounts in other currencies for you. Please do not hesitate to contact us in this regard.