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DEUTSCHE BANK ACQUIRES ADDITIONAL NEW CUSTODY BUSINES FOR EXPANSION IN INDIA

  • Wednesday, August 9, 2000 3:42PM IST (10:12AM GMT)
 
New Delhi, Delhi, India: Deutsche Bank today announced the successful acquisition of the major Custody and Investor Services Business from the IIT Corporate Services (IITCS). IITCS, which is a reputed local Custody provider in the Indian market, is a subsidiary of the Industrial Investment Trust (IIT) Group. Deutsche Bank, India, is expected to gain new custody relationships with some of the reputed public and private sector mutual funds from this acquisition. The acquisition will add value to Deutsche Bank's existing position as a leading custody provider to FIIs and will enable it to leverage the strongest aspects of both businesses. Moreover, Deutsche Bank's Custody Services, through this acquisition, will utilize the additional expertise, market access, professional talent and an entire gamut of product offerings to serve both the global and local institutional marketplaces. The increase in business potential made available by this acquisition will also provide Deutsche Bank, India, a sizeable share of assets under custody from the domestic market. "Deutsche Bank is dedicated to building a new generation of Custody and Investor Services products in India to meet the new and growing demands from Institutional Investors on shore. This acquisition allows us to further strengthen our presence in this market and leverage opportunities arising from scale to produce real benefits for our institutional clients" said Mr. Roger Harrold, Chief Operating Officer – Deutsche Bank Asia, Global Securities Services. Mr. Javad Shirazi, Deutsche Bank's Regional Country Head - India, Pakistan and Sri Lanka - added, "With our worldwide resources, global achievements and strategic positioning, expansion of our India business is a key focus area for the year 2000. This will be based in part on our focus on Core Custody, Securities Lending and Fund Administration services." "Recognizing the impact of changing market forces along with the on-going need to provide the best service to its customers and the maximum possible value additions to its shareholders, the Industrial Investment Trust Ltd. (IIT) has recently concluded a transaction with Deutsche Bank, which has now assumed the responsibility of servicing IIT's major custodial clients. With this decision, IIT recognizes that Deutsche Bank, combining the "best of India" with state-of-the-art international custody services expertise, can better service its customers." emphasized Mr. Sushil Premchand, Chairman, Industrial Investment Trust Group (IIT Group). Deutsche Bank was awarded a ‘Top Rated' status for its custody services operations in India by the Global Custodian – a quarterly publication recognized by market players worldwide – in its 1999 Emerging Markets Agent Bank Review. Deutsche Bank is the leading bank in the Euro-region and one of the largest banks in the world in terms of assets. In the Asia Pacific region, Deutsche Bank has over 5000 employees and is represented in 16 countries offering a range of corporate investment and private banking products and services in these locations. In India, Deutsche Bank operates branches in Bangalore, Calcutta, Chandigarh, Chennai, Mumbai and New Delhi.


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