Deutsche Bank launches Saudi Arabian brokerage business

Deutsche Bank's initial trade marks the first time a broker from outside the region has become a full member of the Gulf Cooperation Council's (GCC) largest stock exchange.

"Deutsche Bank is proud to be a part of the very exciting events taking place in Saudi Arabia. Recent regulatory reform, the privatization of the Tadawul, and the creation of the King Abdullah Financial District are signs of the dynamism of the Saudi financial system and we are committed to the region," said Ricardo Honegger, Head of Global Markets Middle East and North Africa.

"Brokerage is an important addition to our product mix in Saudi Arabia. We see great opportunities for Deutsche Bank to contribute to the development of the Saudi market by launching equity finance, mutual fund, corporate advisory, and money market businesses,"

added Honegger.

Deutsche Bank recently opened its first branch in Saudi Arabia on April 30 in a ceremony attended by the Governor of the Saudi Arabian Monetary Agency, Hamad Al-Sayari, and hosted by Deutsche Bank's CEO Dr. Josef Ackermann.

Deutsche Bank has a long history in the Middle East and has been expanding aggressively in Saudi Arabia. Deutsche Bank recently won a mandate from the King Faisal Foundation to advise on the coming IPO of KFFs real estate holding company Al Khozama Management Co. and recently issued a $1 billion murabaha for SABIC.