Deutsche Bank and JPMorgan Chase ("JPMorgan") today announced that they have reached a definitive agreement for Deutsche Bank to acquire the Depository and Clearing Centre ("DCC"), an operational division of JPMorgan. The transaction is subject to regulatory approval.
The DCC, a part of the Worldwide Securities Services business of JPMorgan, supports the London Money Market and is a provider of issuing and paying agent, clearing and settlement and custody services for certificates of deposit in U.S. dollars, euro and other currencies in the physical market, in addition to sterling in CREST. The DCC holds total assets of more than USD 180 billion and handles paper worth USD 30 billion daily. Its clients include UK banks and building societies, European financial institutions and global custodians.
Howard Topf, Head of Global Debt Services in Deutsche Bank's Global Transaction Banking division, said, "The acquisition of the DCC helps strengthen our range of services for money market instruments and enables us to offer DCC services to our own clients. We will be working closely with JPMorgan over the next several months to ensure continued service excellence and a seamless transition for DCC clients."
The transaction does not affect the activities of JPMorgan in the two major Commercial Paper markets - Europe and U.S. - which continue to be an integral part of the bank's offering.
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With Euro 972 billion in assets and 63,751 employees, Deutsche Bank offers unparalleled financial services in 74 countries throughout the world. Deutsche Bank competes to be the leading global provider of financial solutions for demanding clients creating exceptional value for its shareholders and people.
Deutsche Bank ranks among the global leaders in corporate banking and securities, transaction banking, asset management, and private wealth management, and has a significant private and business banking franchise in Germany and other selected countries in Continental Europe.
Deutsche Bank's Global Debt Services business is one of the leading issuing & paying agents for short and medium term debt instruments in the US and international markets, as well as providing a range of trustee, agency, depositary and related services for many other types of financing including bonds, project financings, escrows, Islamic financings and syndicated loans.
This announcement appears as a matter of record only. This announcement has been approved and/or communicated by Deutsche Bank AG London.