Deutsche Bank expands into UAE
(4 February 2010 – Global) Deutsche Bank has announced the opening of its first branch in the United Arab Emirates’ capital, Abu Dhabi.
Deutsche Bank first established a presence in the UAE in 1999, with the opening of a representative office in the capital.
The new branch complements Deutsche Bank's existing network in the UAE, which includes a branch within the Dubai International Financial Centre, and an on-shore branch, Deutsche Securities & Services.
The new branch will also focus on servicing the bank’s corporate and institutional clients and aims to strengthen the economic ties between Germany and the UAE.
Initially the bank will aim to offer traditional commercial banking services such as international trade finance solutions, and cash management and treasury solutions, including taking non-retail deposits in a number of GCC and international currencies.
In 2008, Deutsche Bank had received the authorization of the Central Bank of the UAE to conduct wholesale banking through the on-shore branch, which would allow it to take institutional deposits and offer loans and advances to corporate entities, government and semi-government institutions.
Werner Steinmüller, Deutsche Bank's head of global transaction banking and member of the group executive committee emphasised the strategic importance of the Middle East region to Deutsche Bank, especially the bank's regional hub in the UAE.
The expansion and continued growth in the UAE is a testament to Deutsche Bank’s unwavering commitment to the region, and is part of a strategic vision that has long recognised the Middle East as an important part of the global economy and financial sector.
The new branch complements Deutsche Bank's existing network in the UAE, which includes a branch within the Dubai International Financial Centre, and an on-shore branch, Deutsche Securities & Services.
The new branch will also focus on servicing the bank’s corporate and institutional clients and aims to strengthen the economic ties between Germany and the UAE.
Initially the bank will aim to offer traditional commercial banking services such as international trade finance solutions, and cash management and treasury solutions, including taking non-retail deposits in a number of GCC and international currencies.
In 2008, Deutsche Bank had received the authorization of the Central Bank of the UAE to conduct wholesale banking through the on-shore branch, which would allow it to take institutional deposits and offer loans and advances to corporate entities, government and semi-government institutions.
Werner Steinmüller, Deutsche Bank's head of global transaction banking and member of the group executive committee emphasised the strategic importance of the Middle East region to Deutsche Bank, especially the bank's regional hub in the UAE.
The expansion and continued growth in the UAE is a testament to Deutsche Bank’s unwavering commitment to the region, and is part of a strategic vision that has long recognised the Middle East as an important part of the global economy and financial sector.
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