Deutsche Bank has agreed to acquire the custody operations of a Turkish bank, it has been announced.
Under the terms of the deal, Germany's largest bank will pay $115 million for Turkiye Garanti Bankasi's institutional cross-border custody division which covers custody and sub-custody services to non-resident financial institutional investors.
Operations within this include clearing and settlement of Turkish securities, asset servicing, Turkish lira cash and liquidity management services.
Deutsche has announced that certain Garnati staff will be retained, and that these will be integrated into the Deutsche Bank domestic custody services unit in Turkey.
Werner Steinmüller, head of the Global Transaction Banking division at Deutsche, said: "Turkey is an important growth market for Deutsche Bank and we are delighted to acquire Garanti Bank's consistently top-rated custody franchise."
Assets of $19 billion are within the scope of the transaction.
Garanti is co-owned by General Electric.