Deutsche Bank Acquires Dresdner Bank Custody Unit
Dresdner Bank is transferring its Custody Solutions unit to Deutsche Bank. The two parties have signed a definitive agreement to this effect. Assets under custody of more than Euro 200 billion will be transferred. Deutsche Bank will make an offer to the respective Dresdner Bank employees to continue their work at Deutsche Bank. The transfer will cover the settlement, custody and administration of mainly German securities and traded derivatives for national and international financial intermediaries. These include banks, international central custodians, global custodians and insurance companies, but not Dresdner Bank’s private and corporate clients and the mutual funds of Allianz Group.