Wilmington Trust announced today the further expansion of its
Corporate Client Services (CCS) business in Europe with the opening of
a new office in Frankfurt, Germany. The company has hired Florian A.
Schluter as managing director of the office to lead its delivery of
services that support Germany's growing securitisation business.
Wilmington Trust's CCS business is a leading provider of capital
markets and entity management services in many of the world's most
favourable jurisdictions. It has been active in Europe since its 2002
acquisition of SPV Management Limited, a pioneer of the European
securitisation community now known as Wilmington Trust SP Services
(London) Limited. Wilmington Trust's entry into Germany follows the
establishment of an office in Dublin, Ireland in late 2004 and the
hiring earlier this year of a London-based executive managing
director, Christophe Schroeder, to lead CCS' European sales, service,
and operations.
"Europe is increasingly becoming a driving force in our Corporate
Client Services business, and Germany is a key market for us," said
Wilmington Trust chairman and CEO Ted T. Cecala. "This expansion
leverages our core services in a new market and reflects our strategy
to invest in businesses with excellent growth potential."
The development of Germany's relatively young securitisation
market stems from the German True Sale Initiative, the country's
securitisation platform. Launched in 2004, this platform has allowed
for the establishment of German special purpose vehicles (SPVs) and
accelerated the growth of German securitisation transactions. Through
its CCS business, Wilmington Trust provides services that support SPVs
and is positioned to play an integral role in Germany's growing
securitisation market.
Mr. Schluter, who is a lawyer by training, joins Wilmington Trust
from DaimlerChrysler Financial Services AG in Berlin. As director of
portfolio management there, he was responsible for the development and
implementation of alternative refinancing products in Europe and Asia.
Mr. Schluter also has extensive experience in foreign trade, export
financing, and risk management.
"Florian's work will help us continue Wilmington Trust's strong
momentum in Europe," said Mr. Schroeder. "His knowledge of the capital
markets and securitisation businesses, as well as his relationships
with industry participants, enhances our ability to serve Germany's
growing true sale market."
To celebrate the opening of its new Frankfurt office and the
establishment of Wilmington Trust SP Services (Frankfurt) GmbH,
Wilmington Trust is hosting a reception for industry professionals at
Villa Kennedy in Frankfurt on Thursday, October 26 at 7:00 P.M.
Wilmington Trust Corporation (NYSE:WL) is a financial services
holding company that provides Regional Banking services throughout the
Delaware Valley region, Wealth Advisory Services for high-net-worth
clients in 22 countries, and Corporate Client Services for
institutional clients in 81 countries. Its wholly owned bank
subsidiary, Wilmington Trust Company, which was founded in 1903, is
one of the largest personal trust providers in the United States and
the leading retail and commercial bank in Delaware. Wilmington Trust
Corporation and its affiliates have offices in California,
Connecticut, Delaware, Florida, Georgia, Maryland, Nevada, New Jersey,
New York, Pennsylvania, South Carolina, Vermont, the Cayman Islands,
the Channel Islands, London, Dublin, and Frankfurt. For more
information, visit www.wilmingtontrust.com.
