Deutsche Bank is expected to announce today that it has opened a regional corporate trust office in San Francisco and has hired Raafat Albert Sarkis, former vice president at U.S. Bank, to head it up.
Sarkis, who left U.S. Bank in December, is a 32-year veteran of the corporate trust industry.
The new office was added in California because it is "among the largest public-finance states in the U.S. and we expect it to continue to be strong this year," said Howard Topf, managing director and head of global debt services in Deutsche Bank's Trust & Securities Services.
The office is expected to give the corporate trust and securities services group a stronger foothold in the California market and to broaden its influence in other Western states, Topf said.
In addition to the new office, the firm currently has offices in Santa Ana, Calif., Charlotte, N.C., New York City, Chicago, and Olive Branch, Miss.
The office, at 101 California Street, will focus on the public finance trustee market and will provide local account management and administration services for clients in California and other Western states.
Sarkis, who joined Deutsche Bank during the week of Jan. 5, assumes the title of vice president and will be responsible for client relationship and management and business development. At U.S. Bank, he held the same title and was responsible for business development.
Sarkis reports to Steve Eason, director and head of public finance trust services in the U.S.
"Raafat's wealth of industry knowledge, his client relationships, and his proven track record will help ensure that our clients in the Western states benefit from localized expertise and a commitment to exceptional customer service," Topf said in a prepared statement set to be released today.
In 2003, Deutsche Bank ranked seventh among corporate trustees in the municipal market, serving as trustee on 115 issues totaling $8.04 billion, according to Thomson Financial. In 2002, Deutsche ranked 10th, having served as trustee on 54 issues totaling $5.35 billion. The Bank of New York ranks number one in the category -- in 2003 it served as trustee on 811 issues totaling $53.02 billion.
The opening of Deutsche's San Francisco office is part of a larger expansion plan. In June 2002, the bank announced its intentions to open regional corporate trust offices across the U.S. in an effort to expand its client base.
Around that time, it opened an office in Charlotte to service Southeastern clients. In July 2002 it opened an office in Olive Branch, and in September of the same year it opened its Chicago office.
