Deutsche Bank Launches Domestic Custody In Austria

Deutsche Bank has launched domestic custody services in Austria after an implementation phase of nine months
By None

Deutsche Bank has launched domestic custody services in Austria after an implementation phase of nine months.

Michael Aschauer, managing director for the custody business in Eastern Europe, said that the move from an offshore service provider in Frankfurt to an onshore service provider in Vienna highlighted how Deutsche Bank was “going to become a a major custody services player in the region.”

Although UniCredit remains the dominant custody provider in the region, the announcement from Deutsche Bank comes almost a year after Aschauer, David Penstone and Peter Peschek joined Deutsche Bank in order to further develop the German bank’s eastern and central European custody business offering a hub solution via the Vienna branch.

The new onshore business arm is already live and in the process of transferring the existing book of business from Frankfurt to Vienna.

According to Aschauer, Deutsche Bank’s aim is to become the leading Target2-Securities provider in Europe.

EMCF also recently appointed Deutsche Bank as settlement agent in the Czech, Hungarian and Polish markets.UNQUOTE

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