The FINANCIAL — Türk Ekonomi Bankasi A.S. (TEB) is pleased to announce, in collaboration with BNP Paribas, the launch of its Securities Services business line in the Turkish market under the label TEB Securities Services, effective as of 3rd December 2007.
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The expansion of TEBs asset servicing product line further reinforces its strong market position. The new offer includes clearing and settlement of Turkish securities, safekeeping, comprehensive asset servicing and tax services, as well as associated Turkish Lira cash and liquidity management services to non-resident financial institutions.
TEB Securities Services aims to be the highest quality sub-custodian and service provider in the Turkish market. TEB has already taken the right steps in this direction by recruiting a team with extensive market knowledge and implementing BNP Paribas IT platform which has a proven track record of over ten years in Turkey. TEB closely joined forces with BNP Paribas Securities Services to develop this custody offering which TEB will manage as part of the BNP Paribas Securities Services Pan-European network of local clearing and custody services. This structure will enable TEB Securities Services to combine the strengths of a global player with the proximity of a local Turkish agent, which is of great importance in the constantly evolving Turkish market.
TEB Banks majority shareholder is TEB Financial Investments, itself a 50:50 joint venture between BNP Paribas Group and Çolakoglu Group.
BNP Paribas Securities Services has publicly stated its strategy to expand business by organic growth, partnership and selected acquisitions. This initiative is further evidence of that strategy in action. TEB Securities Services will benefit from the local teams market expertise and management, fortified by BNP Paribas Securities Services proven global expertise in technology, product know-how and global relationship management. Global custody clients will also benefit from the scalability and accessibility of the BNP Paribas Securities Services network, covering over ninety countries.
BNP Paribas Securities Services is part of the Asset Management and Securities (AMS) division of the BNP Paribas Group and is solely and entirely dedicated to providing securities services. It is a wholly owned subsidiary of BNP Paribas Group and currently maintains a presence in 21 countries around the world offering comprehensive asset servicing solutions.
TEB is a subsidary of TEB Mali Yatirimlar A.S, that has been a joint venture between Çolakoglu Group and BNP Paribas Group since February 2005. At the end of 2007, TEB covered 41 cities with 274 branches.
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