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.
A report by broking group Marsh examines the repercussions from the administration of the South Korean company, which filed for bankruptcy protection at the end of August.
Global research by C2FO suggests that smaller businesses are less concerned with the repercussions of Brexit and the upcoming US presidential election.
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