The Co-operation Agreement between BNP Paribas and Ottoman Bank, in place since May 1997 for a 4 year term, was today renewed for a further 4 year period. This renewal will allow the continued co-operation of technical, sales and management expertise for the provision of securities services in Turkey.
Charles Cock, Head of BNP Paribas Securities Services Multi-Direct Clearing and Custody (MDCC) signed the agreement along with Mark Hillman, Head of New Markets (MDCC). "BNP Paribas Securities Services remains fully committed to the successful co-operation we have with Ottoman Bank for the servicing of Turkish securities for our key international clients base. Ottoman Bank has clearly demonstrated its flexible, focused and high quality approach to this business, not least in the recent liquidity crisis in Turkey. It is a pleasure to continue to work together."
Turgay Gönensin, President and CEO of Ottoman Bank, and Uruz Ersözoglu , Executive Vice President of Financial Institutions at Ottoman Bank, signed the new agreement on behalf of the Turkish bank. Gönensin added, "Ottoman Bank remains fully committed to this business and to the Co-operation Agreement with BNP Paribas Securities Services. Following the recent market turmoil, the reaction of our customers shows that they are delighted to be able to count on a reliable and efficient provider in this market."
BNP Paribas Securities Services is the premier pan-European bank providing securities services to financial institutions. BNP Paribas Securities Services holds more than 1.4 trillion Euros of assets under custody (March 2001).
Ottoman Bank (part of the Dogus Group) is the leading provider of subcustodian services for non-resident investors in the Turkish market. This is recognized in key industry surveys such as the Global Custodian Magazine Emerging Markets Agent Bank Review, where Ottoman Bank has achieved ‘Top Rated' status for three consecutive years and the accolade of ‘Number One Custodian in Turkey' since 1998.
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