21 August 2017
visit www.avoka.com

Deutsche Bank buys Garanti Bank's custody operations

05 July 2007  |  1694 views  |  0 Source: Deutsche Bank

Deutsche Bank AG (XETRA: DBKGn.DE / NYSE: DB) and Türkiye Garanti Bankasi A.S. (Garanti Bank) today announced that Deutsche Bank has bought the institutional cross-border custody business of Garanti Bank.

The transaction has already been closed.

The acquisition encompasses the Turkish custody and sub-custody services provided by Garanti Bank to non-resident financial institutions including institutional investors. These services include clearing and settlement of Turkish securities, safekeeping, asset servicing and tax services, as well as associated Turkish Lira cash and liquidity management services. Assets under custody of more than Turkish Lira 25 billion (approximately € 14 billion) are within the scope of the transaction. As part of the acquisition, Deutsche Bank intends to retain selected Garanti Bank staff to ensure continuity of the high level of service enjoyed by customers to date, and to integrate these staff into the existing Deutsche Bank Domestic Custody Services unit in Turkey.

Deutsche Bank and Garanti Bank will make every effort to ensure that the transfer takes place as smoothly as possible. The transfer is expected to be completed by April 2008.

Werner Steinmüller, Head of Deutsche Bank's Global Transaction Banking division, said: "Turkey is an important growth market for Deutsche Bank and we are delighted to acquire Garanti Bank's consistently top-rated custody franchise. We welcome our new clients and we will work hard to ensure that the high level of service that they have enjoyed with Garanti Bank continues at Deutsche Bank. Since the launch of Deutsche Bank's custody business in Turkey in 2005, we have established a strong local market presence which will be complemented by this transaction. It confirms our continued commitment to growing the sub-custody business world wide."

"We would like to thank our custody clients for the longstanding relationship we have enjoyed with them over the years," said Ergun Ozen, Chief Executive Officer of Garanti Bank. "Given Deutsche Bank's financial standing, global footprint and commitment to growing its Domestic Custody business, we are confident that they will gain access to a broader range off custody services and markets without compromising on service quality or reliability."

Comments: (0)

Comment on this story (membership required)

Related company news

 

Related blogs

Create a blog about this story (membership required)
visit www.worldpaymentsreport.comvisit www.dorsum.eudownload the paper now

Top topics

Most viewed Most shared
Mobile contactless spending accelerating in UKMobile contactless spending accelerating i...
10350 views comments | 23 tweets | 23 linkedin
Norwegian banks and startups form fintech clusterNorwegian banks and startups form fintech...
8633 views comments | 19 tweets | 23 linkedin
hands typing furiouslyWhy Is Risk Analytics Important?
8437 views 0 | 3 tweets | 1 linkedin
RBS to bring Silicon Valley to EdinburghRBS to bring Silicon Valley to Edinburgh
8311 views comments | 10 tweets | 7 linkedin
Barclays pairs banking data with third party apps for SmartBusiness DashboardBarclays pairs banking data with third par...
7664 views comments | 15 tweets | 15 linkedin

Featured job

Competitive
London, UK (or flexible)

Find your next job