TEB Securities Services (TEB), BNP Paribas Securities Services joint venture in Turkey, has been appointed by Clearstream as its local custodian in Turkey to provide local settlement and cash clearing in Turkish Lira.
In the Turkish market, Clearstream focuses principally on providing custody and cash clearing services to institutional investors.
Commenting on the development, Mark Gem, Clearstreams head of business management said, We were very impressed with TEBs service capabilities combined with their outstanding knowledge of the local Turkish market. Developing our business in Turkey is a key part of our global strategy, and so what really made the difference to us was TEBs proposal to explore joint business developments opportunities in the Turkish market, Gem concluded.
Alessandro Gioffreda, regional manager for Italy, Switzerland, and the Mediterranean Basin including Turkey, BNP Paribas Securities Services said: We are very pleased to have signed this agreement with Clearstream. They are a prestigious and well-respected organization, and we look forward to supporting their business activities here in Turkey an absolutely burgeoning market.
(JDC)