Deutsche Bank completes purchase of Dresdner Bank securities lending division from Commerzbank

Deutsche Bank has completed its purchase of Dresdner Bank’s Global Agency Securities Lending division from Commerzbank, the firm announced today.

The transaction is the culmination of a deal struck by the firms in May 2009 and has seen the business integrated into Deutsche Bank’s Trust and Securities Services division in Global Transaction Banking.

The deal was agreed in the same month that the merger of Dresdner Bank into Commerzbank was completed.

Tim Smollen, head of the securities lending business, will report to Roger Harrold, head of domestic custody services.

“We are very pleased to welcome our new colleagues and clients,” said Harrold.

“The completion of this transaction has added one of the largest third-party agency securities lending providers to our custody platform.

“The addition of this service represents a logical complementary fit to our existing range of services comprising sub-custody, securities clearing, and fund services.”