Deutsche Bank today announced that it has entered into exclusive discussions with State Street Corporation aimed at signing definitive agreements in relation to the sale of substantial parts of its Global Securities Services business.
The business units included in the proposed sale are Deutsche Banks Global Custody, Global Fund Services, Global Securities Lending, Global Performance Measurement (including The WM Company and InterSec) and Benefit Payments businesses. In addition, domestic custody and securities clearing in the United States and the United Kingdom are included. Domestic custody in Continental Europe, Asia and Latin America are excluded from the transaction.
The discussions are expected to be finalised in the fourth quarter 2002. A further announcement regarding the Global Securities Services business will be made once definitive agreements have been signed.
Deutsche Bank is conducting a separate review of its Passive Asset Management business and is making good progress in this respect. These divestment projects are further steps in the implementation of Deutsche Bank’s strategy to focus on core businesses.