Deutsche Bank and Bank of China have entered into an alliance to develop custody services in China.
As part of the agreement, Bank of China will share its knowledge on the local market practices and its network of local business contacts and Deutsche Bank will share its industry expertise on securities services, including fund administration, trustee services, securities lending and cash management.
In-depth training in these services will also be provided to the staff of Bank of China using Deutsche Bank’s global network.
Juergen Marziniak, global head for custody services at Deutsche Bank said that this is a perfect time to enter into an alliance with the impending launch of open-ended funds in China. “This exclusive alliance with Bank of China is an important landmark for our global transaction bank.”
By Janet Du Chenne
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