The Global Transaction Banking Corporate Division comprises the Business Divisions Global Cash Management , Global Trade Finance and Trust & Securities Services.
In 2003, Global Cash Management cemented its position as a leading provider in its segment in Europe. It maintained a top-three ranking in Asia and improved its presence in the U.S.A. Among financial institutions, we were again a dominant provider of euro clearing services and a top four U.S. dollar clearer.
Significant investment in technology enhancement enabled us to generate efficiencies in our cash management systems. The market recognized this with several new mandates.
Three financial magazines named us as the Best Cash Management Bank in Europe. In a survey, we were acknowledged as the Best Overall Correspondent Banking Service Provider in Asia.
Global Trade Finance, which includes all of Deutsche Bank’s trade and export finance businesses, continued to be a market leader in Europe in 2003. Among other things we played a key role in the largest syndicated loan in Russia since 1998.
Trade Finance magazine named us Best Trade Documentation Bank and Best Short-Term Trade Finance Bank for the second consecutive year; another magazine voted us as the best provider of Internet-based services for trade finance. Since January 2001, Deutsche Bank has been continuously ranked as the leading arranger of trade finance loans by number of transactions.
Trust & Securities Services (TSS) provides a portfolio of administrative services on debt and equity transactions. It also includes the bank’s domestic custody business, which we focused on in 2003. That is why we divested our global custody service at the beginning of the reporting year and agreed with Dresdner Bank towards the end of last year to acquire their German institutional custody business.
The strong position of TSS is confirmed both by its top ranking as trustee for U.S. and euro asset-backed securities and by its number two position in CDOs globally. Deutsche Bank also established itself in the reporting year as leading issuing and paying agent for new Euro Medium Term Notes and Euro Commercial Paper programs. In addition, its domestic custody services were “top-rated” or “commended” in 18 of its 23 markets, based on Global Custodian’s agent bank reviews.
