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Deutsche Bank currently has a branch within the Dubai International Financial Centre, has established a custody presence through its Deutsche Securities and Services branch in Dubai and has two representative offices, in Dubai and Abu Dhabi.
In addition to taking institutional deposits and offering loans, Deutsche Bank will be able to offer cash management, trade finance, investment banking and asset management services. Deutsche Bank will use the wholesale banking license as an opportunity to upgrade its presence in Abu Dhabi from a representative office to a branch.
Henry Azzam, Deutsche Bank's CEO in the Middle East and North Africa said:
"The license marks another milestone in Deutsche Bank's growth story in the Middle East, and its regional commitment, and will further strengthen our Mideast platform. Over the last few years, Deutsche Bank has been able to establish itself as a market leader in the region, particularly out of our regional hub in the UAE, and we are pleased to be in a position to offer these capabilities and access to our global platform on-shore in the UAE to our regional and international clients."
Ricardo Honegger, Deutsche Bank's Chief Country Officer in the UAE said "Deutsche Bank has grown at a rapid pace in the UAE and over a very short period of time. The wholesale banking license will enable us to broaden our suite of offerings and bring our expertise on-shore to our regional clients. Deutsche Bank will continue to develop our on-shore business using best in class global technology platforms to support our clients' future business needs."
Deutsche Bank has recently also signed custody agreements with the Abu Dhabi Securities Exchange and the Dubai Financial Market.
Posted by Nadeen El Ajou
