Deutsche Bank completes its acquisition of Dresdner Bank's Global Agency Securities Lending business
Deutsche Bank AG (XETRA: DBKGn.DE / NYSE: DB) today announced the completion of its acquisition of Dresdner Bank’s Global Agency Securities Lending business from Commerzbank AG (XETRA: CBK GY), pursuant to the agreement entered into by the parties in May 2009.
The Dresdner Agency Securities Lending business has been integrated into Deutsche Bank’s Trust & Securities Services (TSS) business in Global Transaction Banking as part of its local custody franchise and will be overseen by Roger Harrold, Head of Domestic Custody Services. Tim Smollen, the head of the Agency Securities Lending business, will report to Mr. Harrold.
Mr. Harrold commented, “We are very pleased to welcome our new colleagues and clients. The completion of this transaction has added one of the largest third-party agency securities lending providers to our custody platform. The addition of this service represents a logical complementary fit to our existing range of services comprising sub-custody, securities clearing, and fund services.”
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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 78,530 employees in 72 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.
Deutsche Bank’s Trust & Securities business, part of Global Transaction Banking, is one of the leading providers of trustee, agent, depositary, registrar, SPV management and related services for a wide range of financial structures and transactions. It is a leading depositary for American and Depositary Receipts, provides fund and hedge fund administration and, through a fully integrated network of specialist offices worldwide, provides domestic custody services in more than 30 securities markets.
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 strategic initiatives, 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 24 March 2009 under the heading "Risk Factors." Copies of this document are readily available upon request or can be downloaded from www.deutsche-bank.com/ir .