Germany-based bank WestLB has appointed TEB Securities Services of Istanbul to provide local clearing and custody services for its wholesale and proprietary businesses in Turkey.

TEB believes that its service strengths such as extensive tax expertise and high quality operating capabilities were key factors in winning this mandate.

Nelson Fernandes, head of TEB Securities Services, said: 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 look forward to continuing to build this important relationship with WestLB, providing the service solutions for its investment strategy.