The Dresdner Agency Securities Lending business will be integrated into Deutsche Bank's Trust & Securities Services (TSS) business in Global Transaction Banking (GTB) as part of its local custody franchise and will be overseen by Roger Harrold, Global Head of Domestic Custody Services.
Terms of the transaction were not disclosed, and closing of the transaction is subject to customary conditions, including receipt of regulatory approvals. The transaction is expected to be completed in the fourth quarter of 2009.
"This acquisition adds one of the largest third-party agency securities lending providers to our custody platform in Global Transaction Banking," said Mr. Harrold. "We are continually seeking ways to further expand the range of services we provide to our clients, and this addition to the GTB platform will undoubtedly help us achieve that goal."
The sale of Dresdner Bank's Global Agency Securities Lending business is part of Commerzbank's strategy to focus on its core markets and activities.
Tim Smollen, Global Head of Dresdner Bank's Agency Lending business, who will remain head of the business after closing, said, "The Deutsche Bank platform represents a strong fit for our global business, our clients and our ambitions in the agency lending space. We look forward to working with our new colleagues to ensure the smooth integration of the business and to introduce our complementary service to Deutsche Bank's clients."
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