Deutsche Bank AG (XETRA: DBKGn.DE / NYSE: DB) and Türkiye Garanti Bankasi A.Ş. (Garanti Bank) today announced that Deutsche Bank has bought the institutional cross-border custody business of Garanti Bank. The transaction has already been closed.
The acquisition encompasses the Turkish custody and sub-custody services provided by Garanti Bank to non-resident financial institutions including institutional investors. These services include clearing and settlement of Turkish securities, safekeeping, asset servicing and tax services, as well as associated Turkish Lira cash and liquidity management services. Assets under custody of more than Turkish Lira 25 billion (approximately € 14 billion) are within the scope of the transaction. As part of the acquisition, Deutsche Bank intends to retain selected Garanti Bank staff to ensure continuity of the high level of service enjoyed by customers to date, and to integrate these staff into the existing Deutsche Bank Domestic Custody Services unit in Turkey.
Deutsche Bank and Garanti Bank will make every effort to ensure that the transfer takes place as smoothly as possible. The transfer is expected to be completed by April 2008.
Werner Steinmüller, Head of Deutsche Bank’s Global Transaction Banking division, said: ”Turkey is an important growth market for Deutsche Bank and we are delighted to acquire Garanti Bank’s consistently top-rated custody franchise. We welcome our new clients and we will work hard to ensure that the high level of service that they have enjoyed with Garanti Bank continues at Deutsche Bank. Since the launch of Deutsche Bank’s custody business in Turkey in 2005, we have established a strong local market presence which will be complemented by this transaction. It confirms our continued commitment to growing the sub-custody business world wide.”
“We would like to thank our custody clients for the longstanding relationship we have enjoyed with them over the years,” said Ergun Őzen, Chief Executive Officer of Garanti Bank. “Given Deutsche Bank’s financial standing, global footprint and commitment to growing its Domestic Custody business, we are confident that they will gain access to a broader range of custody services and markets without compromising on service quality or reliability.”
For further information please contact:
Press and Media Relations
+49 69 910 31325 (Frankfurt)
+49 69 910 35395 (Frankfurt)
+1 212 250 7125 (New York)
Domestic Custody Services
+49 69 910 62459 (Frankfurt)
About Deutsche Bank
Deutsche Bank is a leading global investment bank with a strong and profitable private clients franchise. A leader in Germany and Europe, the bank is continuously growing in North America, Asia and key emerging markets. With 73,114 employees in 75 countries, Deutsche Bank offers unparalleled financial services throughout the world. The bank competes to be the leading global provider of financial solutions for demanding clients creating exceptional value for its shareholders and people.
Domestic Custody Services is part of the Trust & Securities Services business within Deutsche Bank’s Global Transaction Banking division and provides domestic securities custody in 28 markets worldwide.
This release also contains forward-looking statements. Forward-looking statements are statements that are not historical facts; they include statements about our beliefs and expectations and the assumptions underlying them. These statements are based on plans, estimates and projections as they are currently available to the management of Deutsche Bank. Forward-looking statements therefore speak only as of the date they are made, and we undertake no obligation to update publicly any of them in light of new information or future events.
By their very nature, forward-looking statements involve risks and uncertainties. A number of important factors could therefore cause actual results to differ materially from those contained in any forward-looking statement. Such factors include the conditions in the financial markets in Germany, in Europe, in the United States and elsewhere from which we derive a substantial portion of our trading revenues, potential defaults of borrowers or trading counterparties, the implementation of our management agenda, the reliability of our risk management policies, procedures and methods, and other risks referenced in our filings with the U.S. Securities and Exchange Commission. Such factors are described in detail in our SEC Form 20-F of 27 March 2007 on pages 9 through 15 under the heading "Risk Factors." Copies of this document are readily available upon request or can be downloaded from www.deutsche-bank.com/ir .
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