BoNY and BHF-Bank to establish securities servicing JV in Germany
06 July 2005 | 1533 views | 0
Source: The Bank of New York
The Bank of New York, a global leader in securities servicing, and BHF-BANK announce that they have established BHF BNY Securities Services GmbH as a jointly held subsidiary.
Based in Frankfurt am Main, this new company will market Global Custody (Depotbank) services for German investment companies, and securities custody and settlement services for the national and international direct investments of institutional investors. Clients will now have a single point of contact that will coordinate all services on their behalf.
BHF BNY Securities Services GmbH brings together BHF-BANK's expertise in the German market and The Bank of New York's international experience as the world’s largest securities custodian. BHF-BANK and The Bank of New York will each hold a 50 % stake in the new company.
Dietmar Schmid, the member of BHF-BANK's Board of Managing Directors heading the Asset Management & Financial Services division, said: "Given each bank's expertise in its respective markets, BHF BNY Securities Services GmbH represents a perfect partnership. Our joint clients will benefit from tailor-made service packages."
Tim Keaney, Executive Vice President and Head of Europe at The Bank of New York, added: "The Bank of New York and BHF-BANK already have a well-functioning team selling custody services in Germany, and have been operating together for over a year. The time is now right to formalise this relationship and we are excited by the opportunities that this joint venture will provide both our clients and our growing business in Germany."