Deutsche Bank AG has completed the acquisition of Dresdner Bank’s global agency securities lending business from Commerzbank AG, 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 and 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 said: “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.”
