TEB Launches Securities Services In Turkey In collaboration With BNP Paribas Securities Services

Trk Ekonomi Bankasi A.S., in collaboration with BNP Paribas, has launched its Securities Services business line in the Turkish market under the label TEB Securities Services, effective as of 3 December 2007
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Trk Ekonomi Bankasi A.S. (TEB), in collaboration with BNP Paribas, has launched its Securities Services business line in the Turkish market under the label TEB Securities Services, effective as of 3 December 2007.

The expansion of TEB’s asset servicing product line further reinforces its strong market position. The new offer includes clearing and settlement of Turkish securities, safekeeping, comprehensive asset servicing and tax services, as well as associated Turkish Lira cash and liquidity management services to non-resident financial institutions.

TEB Securities Services aims to be the highest quality sub-custodian and service provider in the Turkish market. TEB has already taken the right steps in this direction by recruiting a team with extensive market knowledge and implementing BNP Paribas’ IT platform which has a proven track record of over ten years in Turkey.

TEB joined forces with BNP Paribas Securities Services to develop this custody offering which TEB will manage as part of the BNP Paribas Securities Services Pan-European network of local clearing and custody services. This structure will enable TEB Securities Services to combine the strengths of a global player with the proximity of a local Turkish agent, which is of great importance in the constantly evolving Turkish market.

TEB Bank’s majority shareholder is TEB Financial Investments, itself a 50:50 joint venture between BNP Paribas Group and olakoglu Group.

BNP Paribas Securities Services has publicly stated its strategy to expand business by organic growth, partnership and selected acquisitions. This initiative is further evidence of that strategy in action. TEB Securities Services will benefit from the local teams’ market expertise and management, fortified by BNP Paribas Securities Services’ expertise in technology, product know-how and global relationship management. Global custody clients will also benefit from the scalability and accessibility of the BNP Paribas Securities Services’ network, covering over ninety countries.

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