Siemens Bank expands the product range of the Financial Services unit at Siemens for corporate customers. Siemens Bank’s clients primarily include companies, special purpose entities and public-sector debtors. The bank does not offer products to retail-banking customers. Siemens Bank is based in Munich and has currently offices in Germany, Great Britain and Singapore. The primary focus are European and Asian countries as well as selected emerging markets. Siemens Bank was established in 2010 as a wholly owned subsidiary of Siemens AG. It acts as an independent company, but profits from its integration into the financial companies of the Siemens Group. In August 2012, Moody’s Investors Services assigned first-time A1/P-1 issuer ratings to Siemens Bank GmbH. Since then the rating was confirmed frequently and the outlook is stable.