Deutsche Bank purchases Dresdner Global Agency Securities Lending business

Deutsche Bank, a leading global investment bank in Germany and Europe, signed a definitive agreement according to which it acquires Dresdner Bank's Global Agency Securities Lending business from Commerzbank.  It is planned to integrate the Dresdner Agency Securities Lending business into Deutsche Bank's Trust & Securities Services (TSS) business in Global Transaction Banking (GTB) as part of its local custody franchise and will be supervised 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. Mr. Harrold said: "This acquisition adds one of the largest third-party agency securities lending providers to our custody platform in Global Transaction Banking. 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 Commerzbank chose a strategy which consists in focusing on its core markets and activities and selling of Dresdner Bank's Global Agency Securities Lending business is a part of it. 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."