State Street has secured a “multibillion euro” depotbank (custody and accounting) and performance and analytics mandate from Lufthansa, the German airline. “We are delighted to forge this relationship with State Street. Its approach to providing truly local depotbank services, their unrivaled commitment to Germany and the depth and breadth of its international service offering makes it uniquely suited to service Lufthansa’s needs,” says Axel Tillmann, General Manager Treasury of Lufthansa.
Having acquired Deutsche Bank’s global securities services business last year, State Street is now the largest depotbank and investment service provider in Germany.
In January this year, State Street was appointed to provide depotbank services for Aventis Pension Trust for U.S. $2.3 billion in assets.
“We have a strong track record of delivering high-quality services to the German marketplace and our advanced technology enables us to provide the customized features that Lufthansa requires,” says Yoram Matalon, senior vice president and managing director of State Street in Frankfurt. “In addition to custody and accounting services, Lufthansa will benefit from State Street’s performance and analytics, risk management and comprehensive trading cost analysis capabilities.”