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Friday, November 27 - 2009

Dresdner Bank to join the Dubai International Financial Centre (DIFC)

  • United Arab Emirates: Thursday, June 05 - 2008 at 12:59
  • PRESS RELEASE

Dresdner Bank has expanded its presence in the Near and Middle East region with the formation of a subsidiary in Dubai.

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  • From left to right: Nigel Putt, Managing Director, Private Wealth Management, Dresdner Bank AG, Nasser Alshaali, CEO, DIFC Authority and Anton Simonet, Global Head, Private Wealth Management, Dresdner Bank AG.
    From left to right: Nigel Putt, Managing Director, Private Wealth Management, Dresdner Bank AG, Nasser Alshaali, CEO, DIFC Authority and Anton Simonet, Global Head, Private Wealth Management, Dresdner Bank AG.
The new company "Dresdner Bank (DIFC) Limited" has received a license from the Dubai Financial Services Authority to establish its office the Dubai International Financial Centre.

Dresdner Bank is one of the top ten players in Europe's private banking industry, and in Germany ranks number two in this segment. In total, the bank manages assets worth about 130bn Euros ($201bn) for its affluent and wealthy private clients.

Dresdner Bank is not new to the region having maintained a representative office in Dubai for over 12 years. Building on this experience, the new company has been established to serve as a platform for further growth throughout the GCC region specifically to take advantage of one of the most attractive and fastest growing private wealth management markets in the world. Dresdner Bank (DIFC) Limited will be part of Dresdner Bank's Private Wealth Management Division.

Welcoming Dresdner Bank to the DIFC community, Nasser Al Shaali, CEO of the DIFC Authority said:

"With the exceptional growth of private wealth in the Middle East, the demand for wealth management services has experienced a tremendous surge. Institutions like Dresdner Bank with vast expertise in this sector have access to a large number of new market opportunities. Their office in DIFC gives the company the strategic platform to establish new relationships with customers, gain competitive edge and increase their share of the regional market."


Andreas Georgi, who represents this Division on Dresdner Bank's Board of Managing Directors said "The formation of a subsidiary in Dubai is a further step within the international expansion strategy of Dresdner Bank's Private Wealth Management"

Clients will be able to access the comprehensive offering within the Allianz Group, which now encompasses two Shariah-compliant mutual funds managed by Allianz Global Investors ("Allianz RCM Islamic Global Equity Opportunities" and "Allianz RCM Islamic Global Emerging Markets Equity") to meet the high demand of Shariah-compliant investments in the entire region.

The new company will be run by Nigel Putt, who has managed client relationships in the Near and Middle East for many years and who offers comprehensive experience in regional and international private wealth management. The Team will be supported by the addition of further relationship managers in the coming months.

Dresdner Bank's Private Wealth Management Division has been expanding recently. Last year, the bank increased the number of offices in Germany dedicated to this sector from 7 to 22 and enlarged its international footprint through the acquisition of two asset managers in Belgium. In addition, new offices have been opened in three locations in Great Britain. Kleinwort Benson, the British subsidiary, was recently awarded "Best Private Bank in UK" by Financial Times and Investors Chronicle. The establishment of Dresdner Bank (DIFC) Limited further complements the expansion of the division on a global basis.
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Notes and media contacts

Media enquiries:
Amira Abdulla
PR Manager
Tel: +971 4 362 2433
Shaima Al Zarouni
Assistant PR Manager
Dubai International Financial Centre
Tel: +971 4 362 2432

Iman Ahmad
Regional Media Relations Manager
Dubai International Financial Centre
Tel: +971 4 362 2685
Emily Burgess
Tax & Finance
Tel: 00971 (0) 4 3197359
Mob: 00971 (0) 5 02245153

About the DIFC:
The Dubai International Financial Centre (DIFC) is an onshore hub for global finance. It bridges the time gap between the financial centres of Hong Kong and London and services a region with the largest untapped emerging market for financial services.

In just three years, over 600 firms have registered at the DIFC. They operate in an open environment complemented with world-class regulations and standards. The DIFC offers its member institutions incentives such as 100 per cent foreign ownership, zero tax on income and profits and no restrictions on foreign exchange. In addition their business benefits from modern infrastructure, operational support and business continuity facilities of uncompromisingly high standards.

Contact:
Martin Halusa
Tel. +49 69 263-50750

Cautionary Note Regarding Forward-Looking Statements

Certain of the statements contained herein may be statements of future expectations and other forward-looking statements that are based on management's current views and assumptions and involve known and unknown risks and uncertainties that could cause actual results, performance or events to differ materially from those expressed or implied in such statements. In addition to statements which are forward-looking by reason of context, the words "may", "will", "should", "expects", "plans", "intends", "anticipates", "believes", "estimates", "predicts", "potential", or "continue" and similar expressions identify forward-looking statements. Actual results, performance or events may differ materially from those in such statements due to, without limitation, (i) general economic conditions, including in particular economic conditions in core businesses and core markets, (ii) performance of financial markets, including emerging markets, (iii) the extent of credit defaults, (iv) interest rate levels, (v) currency exchange rates including the Euro-U.S. dollar exchange rate, (vi) changing levels of competition, (vii) changes in laws and regulations, including monetary convergence and the European Monetary Union, (viii) changes in the policies of central banks and/or foreign governments, (ix) reorganisation measures and (x) general competitive factors, in each case on a local, regional, national and/or global basis. Many of these factors may be more likely to occur, or more pronounced, as a result of terrorist activities and their consequences. The matters discussed herein may also involve risks and uncertainties described from time to time in Allianz AG's filings with the U.S. Securities and Exchange Commission. The company assumes no obligation to update any forward-looking information contained herein.

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