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BNY Mellon appointed account bank and paying agent to SC Germany Vehicles 2013-1 UG

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BNY Mellon has been appointed account bank and principal paying agent by Santander Consumer Bank for a EUR700m 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’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 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,” says 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 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.

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