Deutsche Bank has signed an agreement to buy Dresdner Bank's German custody solutions unit for an undisclosed sum, in a deal that will see more than €200bn ($232bn) of assets under custody being transferred.

The transfer will cover the settlement, custody and administration of mainly German securities and traded derivatives. Dresdner said that it has decided to hand its custody business over as part of the bank's stated objective of focussing on its core strengths.