BHF-Bank, which was sold recently by ING Bank to Sal. Oppenheim, has won a sub-custody mandate in Germany from Tradition London Clearing Ltd. Though not the first piece of business won by BHF, the announcement confirms the return to the custody business by a legendary provider of the early 1990s.
“This is further proof of our successful return to the market,” says Wolfgang Danicke, head of the Custody & Derivatives Services department at BHF-Bank. “It shows that we have reached a fully competitive service level within a short time frame. We are fully committed to custody business.”
“We have decided to award our custody mandate to BHF-BANK as a result of our long-standing relationship and appreciation of the more personal service offered,” adds Ian Moorcraft, Head of Settlements at Tradition London Clearing.
BHF-Bank decided to resume an active role in German sub-custody business while still owned by ING Bank back in 2003. It has already won a number of mandates.
Sal. Oppenheim became the sole shareholder of BHF-BANK on 1 January 2005.