Frankfurt-based BHF-BANK, which was acquired by private bank Sal Oppenheim from ING Bank last year, has retained some of the German sub-custody business of the Bank of New York, which has a European custody joint venture with ING. BHF-BANK will provide a range of services for German securities and foreign assets traded on German stock exchanges.
“We have a strong relationship with the Bank of New York and this announcement enhances this,” says Wolfgang Danicke, Executive Vice President BHF-BANK. “This mandate marks our successful re-entry in the German securities services business and evidences exceptional investments in technology and people.” Cornelia Keth, Director Marketing & Sales at BHF-Bank in Frankfurt, says the appointment “demonstrates to the market our capacity to meeting the unique requirements of global custodians and foreign banks.”