It was announced, today, that Deutsche Bank has bought the institutional cross-border custody business of Garanti Bank. The acquisition encompasses the Turkish custody and sub-custody services provided by Garanti Bank to non-resident financial institutions including institutional investors. Assets under custody of more than Turkish Lira 25 billion (approximately 14 billion) are within the scope of the transaction. The transfer is expected to be completed by April 2008.
“Turkey is an important growth market for Deutsche Bank and we are delighted to acquire Garanti Banks consistently top-rated custody franchise. Since the launch of Deutsche Banks custody business in Turkey in 2005, we have established a strong local market presence which will be complemented by this transaction.” says, Werner Steinmller, Head of Deutsche Banks Global Transaction Banking division.”
“We would like to thank our custody clients for the longstanding relationship we have enjoyed with them over the years,” says, Ergun zen, Chief Executive Officer of Garanti Bank. “Given Deutsche Banks financial standing, global footprint and commitment to growing its Domestic Custody business, we are confident that they will gain access to a broader range of custody services and markets without compromising on service quality or reliability.”