Deutsche Bank enhances UAE presence

by Richard Kilner

Story link: Deutsche Bank enhances UAE presence

The Central Bank of the United Arab Emirates has given Deutsche Bank the green light to conduct wholesale banking operations via an on-shore branch.

The branch will permit the German bank to take on institutional deposits and provide corporate entities, government and semi-government institutions with loans and advances.

Presently Deutsche Bank operates in the UAE through its branch in the Dubai International Financial Centre, as well as its Dubai-based Deutsche Securities and Services branch and two representative offices in Dubai and Abu Dhabi.

From its new branch the firm will offer cash and asset management, investment banking services and trade finance.

In addition, Deutsche Bank’s Abu Dhabi representative office is to be upgraded to a branch.

Middle East and North Africa chief executive officer Henry Azzam has stated that the acquisition of the licence from the UAE underlines the firm’s commitment to the region as well as bolstering its presence in the Middle East.