Apple Bank for Savings Awards Third-Party Securities Lending Mandate to DrKW.Business Editors NEW YORK--(BUSINESS WIRE)--Dec. 17, 2003 Dresdner Kleinwort Dresdner Kleinwort (DKIB) is the investment bank of Dresdner Bank AG, part of Allianz since July 2001. Headquartered in London and Frankfurt and with an international network including offices in the financial centres of New York and Tokyo, Dresdner Kleinwort provides a wide range Wasserstein (DrKW), the investment bank of Dresdner Bank Dresdner Bank AG is one of Germany's largest banking corporations and is based in Frankfurt. History 19th century Dresdner Bank was established on 12 November 1872 through the conversion of financial institution Michael Kaskel. AG, is pleased to announce that it has been awarded the third-party securities lending Securities Lending When a brokerage lends securities owned by its clients to short sellers. Notes: This allows brokers to create additional revenue (commissions) on the short sale transaction. mandate for the Apple Bank for Savings' investment portfolio. Apple Bank for Savings, a current securities lending market participant The term market participant is used in United States constitutional law to describe a U.S. State which is acting as a producer or supplier of a marketable good or service. When a state is acting in such a role, it may permissibly discriminate against non-residents. since 1994, has $6 billion in assets and has been serving individuals and businesses since 1863. DrKW offers clients customized and creative solutions to suit their specific goals and risk parameters. David Martocci, global co-head of Agency Securities Lending Group at DrKW, based in New York New York, state, United States New York, Middle Atlantic state of the United States. It is bordered by Vermont, Massachusetts, Connecticut, and the Atlantic Ocean (E), New Jersey and Pennsylvania (S), Lakes Erie and Ontario and the Canadian province of , commented: "We are excited to work with Apple Bank for Savings again here at DrKW. They join a growing list of strong relationships that represent a diverse group of clients, including: European central banks European Central Bank (ECB) Bank created to monitor the monetary policy of the countries that have converted to the Euro from their local currencies. The original 11 countries are: Austria, Belgium, Finland, France, Germany, Ireland, Italy, Luxembourg, the Netherlands, Portugal, , money managers, pension plans and public funds and insurance companies." Note to Editors: About DrKW and Agency Lending Dresdner Kleinwort Wasserstein (DrKW) is the marketing name for the investment bank within the Corporates and Markets Division of Dresdner Bank AG, a member of the Allianz Group since July 2001. Headquartered in London, Frankfurt and New York and with an international network of offices, DrKW provides a wide range of investment bank products and services to European and international clients through its Capital Markets and Corporate Finance & Advisory business lines. Agency securities lending is an asset and liability management process; it extracts additional value out of assets through the repo Repo An agreement in which one party sells a security to another party and agrees to repurchase it on a specified date for a specified price. See: Repurchase agreement. repo See repurchase agreement (RP). and money markets and is applicable to both debt and equity products. The agency securities lending business is client driven, low risk and profitable and will facilitate better usage of the Allianz Group asset pool, creating further yield enhancement for the respective asset holders within the Allianz Group and for external third-party clients. |
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