Wilmington Trust expanded its Corporate Client Services (CCS) business in Europe with the opening of a new office in Frankfurt. Managing director Florian Schluter, who heads up the German office, is spearheading the firm's effort to deliver services for Germany's growing securitization business.

The aim, said a company spokesman, was to develop Wilmington's SPV business from a European perspective, and Germany was the obvious next step. Wilmington has been active in Europe since its 2002 acquisition of SPV Management Limited, which is now known as Wilmington Trust SP Services (London) Ltd. Wilmington Trust's entry into Germany follows the establishment of an office in Dublin 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. The group has plans to expand into other European countries over the next few months, with an aim to establish a presence in all the key markets of the continent.

Launching Germany's true-sale initiative is timed to take advantage of a projected takeoff in the market, according to Schroeder. He added that with the absence of local providers, Wilmington's presence in Germany now created a buzz in the business. "[Schluter's] work will help us continue Wilmington Trust's strong momentum in Europe," Schroeder said. "His knowledge of the capital markets and securitization businesses, as well as his relationships with industry participants, enhances our ability to serve Germany's growing true sale market."

(c) 2006 Asset Securitization Report and SourceMedia, Inc. All Rights Reserved.

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