TEB Securities Services was formed in December 2007 combining the strengths of BNP Paribas Securities Services, Europe's leading securities services provider, with TEB, a leading and fast growing bank in Turkey, and has been offering asset servicing solutions to the Turkish market since 1991. TEB Financial Investments, the parent of TEB Bank, is a 50:50 joint venture between BNP Paribas Group and Çolakoglu Group, which is one of the largest Turkish conglomerates. BNP Paribas has a long-standing relationship with WestLB AG, acting as the Bank's sub-custodian in 19 countries across Europe.
Nelson Fernandes, head of TEB Securities Services commented: “We are delighted to have been chosen to support WestLB AG's business in Turkey. This mandate is an integral step forward in becoming the leading sub-custodian and service provider in the Turkish market. We believe that our service strengths such as our extensive tax expertise and high quality operating capabilities were key factors in winning this mandate. We look forward to continuing to build this important relationship with WestLB AG, providing the service solutions for their investment strategy.”
About BNP Paribas
BNP Paribas (www.bnpparibas.com) is a European leader in global banking and financial services and is one of the 4 strongest banks in the world according to Standard & Poor's. The group is present in over 85 countries, with more than 168,000 employees, including 129,500 in Europe. The group holds key positions in three major segments: Corporate and Investment Banking, Asset Management & Services and Retail Banking. Present throughout Europe in all of its business lines, the bank's two domestic markets in retail banking are France and Italy. BNP Paribas also has a significant presence in the United States and strong positions in Asia and the emerging markets.
About BNP Paribas Securities Services
BNP Paribas Securities Services (www.securities.bnpparibas.com) is a wholly-owned subsidiary of BNP Paribas. With €3.6 trillion assets under custody, €739 billion assets under administration and close to 6,000 funds administered, BNP Paribas Securities Services is the leading European provider of securities services and rated number 5 in the world.
BNP Paribas Securities Services has a unique multi-local model, servicing both the buy-side and sell-side with 5,400 employees worldwide, a local presence across 25 countries and global coverage of 92 markets.
About TÜRK EKONOMİ BANKASI (TEB)
Established in 1927, Türk Ekonomi Bankasi (TEB) is one of the oldest and trustworthed actors in the Turkish finance sector, specialised in foreign trade, corporate, investment and private banking. Since its establishment, TEB, with its expanded network of branches and a diversified range of products and services, pursues operating in various fields of the banking sector as investment, leasing, factoring and portfolio management. Türk Ekonomi Bankası is one of the highest-rated banks in its category in Turkey.
TEB Mali Yatırımlar A.Ş., which owns 84.25% of Türk Ekonomi Bankası that went public in February 2000, signed a strategic partnership deal in 2005 with BNP Paribas. In the wake of its partnership with BNP Paribas, TEB carries its expertise in foreign trade, corporate, commercial and private banking over into the fields of retail banking and banking for small and medium-sized businesses. The number of TEB branches, which was 87 by the end of 2004, is near 300 as of today. In 2007, partnerships have been established between TEB and BNP Paribas' subsidiaries: Cetelem (consumer credit), Arval (long-term management of cars and light trucks) and UCB (mortgage financing).
The first outcome of TEB's partnership with BNP Paribas manifests itself in the international outlook it offers its customers by providing them with consultancy and banking support in foreign trade by means of the Trade Centers opened in İstanbul, Ankara, İzmir and Adana in Turkey to join a network of 85 other Trade Centers throughout the world. With this partnership, TEB has also begun to establish Turkey Desks in countries where Turkish entrepreneurs operate extensively.
Contact www.teb.com.tr for more information.
About TEB Securities Services
TEB Securities Services, formed by TEB and BNP Paribas Securities Services in December 2007, combines the strengths of Europe's leading securities services provider with a leading and fast growing bank in Turkey.
TEB Securities Services offers clients local custody and clearing services, including comprehensive cash management products and extensive treasury resources to help clients with their trading business.
TEB Securities Services has a unique access to TurkDEX, providing clients with a packaged Execution (TEB Treasury) clearing and reporting (TEB Securities Services) solution for all Turkish instrument types. At the same time, thanks to its local presence and trading abilities, TEB Securities Services' offer includes bundled execution and clearing services for equities and fixed income instruments. Non-resident financial institutions can also benefit from cash clearing services offered by TEB and securities lending capabilities through BNP Paribas Securities Services London desk.