Deutsche Bank has announced the addition of Turkey to its network of domestic custody offices. Since obtaining a full commercial banking licence in 2004, Deutsche, Istanbul, has now extended its range of products to cover all transaction banking services including custody.
DCS Turkey will be headed by Hakan Ulutas, who will report to Andrew Carter, the regional head of DCS for Eastern and South Eastern Europe.
Committed to offering flexible and tailored solutions, DCS Turkey will provide a comprehensive package including custody, clearing and settlement to service the diverse needs of global custodians, international broker dealers, corporates and investment funds.
The launch of the Turkish domestic custody business coincides with the complete acquisition of Bender Menkul Degerler Anonim Sirketi (Bender Securities) earlier this year.
Roger Harrold, global head of DCS said, “This not only reinforces Deutsche Bank’s commitment to the custody industry, but clearly shows that we are looking to extend our products and services to those markets where there is client demand. Furthermore, in line with our goal of offering clients a full range of transaction banking services, Domestic Custody Services will complement other product areas such as cash management and trade finance.”