Deutsche Bank bolsters Ukraine presence

by Richard Kilner

Story link: Deutsche Bank bolsters Ukraine presence

Deutsche Bank has added to its presence in the Ukraine with the opening of new subsidiary firm, Deutsche Bank DBU, in Kiev.

The unit will be led by Konstantin Seryogin, who brings more than 15 years’ of financial sector experience to the post.

Seryogin will head a team of 20 staff members handling the initial equity capital of €22m.

The new subsidiary will cater for the needs of multinational clients, as well as small and mid-cap companies hailing from Western Europe, and corporate and institutional clients from Central and Eastern Europe.

It will focus primarily on matters such as cash management, trade finance and forex management (Global Transaction Banking), with expansion into investment banking in the years to come.

Jürgen Fitschen of the Management Board has stated that Deutsche Bank sees both the Ukraine nation and the region more generally as a market with strong growth potential and that the bank will seek to increase its presence there over time.

Last year, Dutch bank ING entered the Ukraine marketplace establishing a retail banking operation in the country with the aim of becoming one of the top five retail banks in the Ukraine.