WestLB AG has appointed TEB Securities Services, Istanbul to provide local clearing and custody services for their wholesale and proprietary businesses in Turkey.
TEB Securities Services was formed in December 2007 combining the strengths of BNP Paribas Securities Services, Europe’s securities services provider, with TEB, a Turkish bank, and has been offering asset servicing solutions to the Turkish market since 1991. TEB Financial Investments, the parent of TEB Bank, is a 50:50 joint venture between BNP Paribas Group and olakoglu Group, which is one of the largest Turkish conglomerates. BNP Paribas has a long-standing relationship with WestLB AG, acting as the Bank’s sub-custodian in 19 countries across Europe.