LONDON, Nov. 19, 2013 /PRNewswire/ -- BNY Mellon, the global leader in investment management and investment services, has been appointed Account Bank and Principal Paying Agent, by Santander Consumer Bank AG for a €700 million asset-backed security (ABS) for auto loan receivables.
The security, SC Germany Vehicles 2013-1 UG, is a revolving ABS transaction and will be retained on Santander Consumer Bank AG's own books. In the first half of this year Germany was the third largest ABS market, by issuing volume, in Europe with Santander Consumer Bank AG being one of the most frequent issuers.
"Auto loans are the dominant class of asset-backed security in Germany because investors view these loans as a relatively low risk option," said Dean Fletcher, Head of EMEA Corporate Trust at BNY Mellon. "With interest rates at record lows in Europe, more companies are using ABSs to raise long-term funding from central banks."
Thomas Brand, Head of Investment Services at BNY Mellon in Germany, adds: "Germany is one of BNY Mellon's core global growth markets. We are realigning our business around investment services in Germany and our Corporate Trust business is a key part of this initiative. As a global investments company we support and service every part of the investment lifecycle - from the creation of assets through to the trading, clearing, settlement, servicing, management, distribution and restructuring of those assets."
Santander Consumer Bank AG offers car financing, consumer credit loans, mortgages, credit card services and investments in Germany. BNY Mellon has also been appointed Luxembourg Listing Agent and Luxembourg Local Paying Agent to SC Germany Vehicles 2013-1 UG.
Notes to editors:
As of September 30, 2013, BNY Mellon Corporate Trust served as trustee and/or paying agent on more than 67,000 debt-related issues globally. Its clients include governments and their agencies, multinational corporations, financial institutions and other entities that access the global debt capital markets. The corporate trust business utilizes its global footprint and expertise to deliver a full range of issuer and related investor services and to develop customized and market-driven solutions. Its range of core services includes debt trustee, paying agency, escrow and other fiduciary offerings.
Corporate trust providers are appointed by corporations, municipal governments and other entities issuing debt to perform a variety of duties, including servicing and maintaining the debt issue, processing principal and interest payments for investors, representing investors in defaults, and providing value-added services for complex debt structures.
BNY Mellon has been serving clients in Germany since 1931. The company opened its first office in Frankfurt in 1972. Following its acquisitions of BHF Asset Servicing and Frankfurter Service KAG in 2010 and Meriten Investment Management in 2012, the company now has more than 650 employees in Germany. In addition to asset servicing, depotbanking, fund administration and asset management, BNY Mellon is active in Germany in the areas of corporate trust, treasury services, collateral management, depository receipts and client management. It has over 200 institutional relationships in Germany, including more than 20 DAX-listed corporations, and offers regional coverage for 14 countries in the German speaking and Central Eastern and South Eastern European region. For more information, see www.bnymellon.de.
BNY Mellon is a global investments company dedicated to helping its clients manage and service their financial assets throughout the investment lifecycle. Whether providing financial services for institutions, corporations or individual investors, BNY Mellon delivers informed investment management and investment services in 35 countries and more than 100 markets. As of September 30, 2013, BNY Mellon had $27.4 trillion in assets under custody and/or administration and $1.5 trillion in assets under management. BNY Mellon can act as a single point of contact for clients looking to create, trade, hold, manage, service, distribute or restructure investments. BNY Mellon is the corporate brand of The Bank of New York Mellon Corporation (NYSE: BK). Additional information is available on www.bnymellon.com or follow us on Twitter @BNYMellon.
This press release is issued by The Bank of New York Mellon to members of the financial press and media. All information and figures source BNY Mellon unless otherwise stated as at September 30, 2013. The Bank of New York Mellon, London Branch, registered in England and Wales with FC005522 and BR000818. Branch office: One Canada Square, London E14 5AL. The Bank of New York Mellon is supervised and regulated by the New York State Department of Financial Services and the Federal Reserve and authorised by the Prudential Regulation Authority. The Bank of New York Mellon London branch is subject to regulation by the Financial Conduct Authority and limited regulation by the Prudential Regulation Authority. Details about the extent of our regulation by the Prudential Regulation Authority are available from us on request.
SOURCE BNY Mellon