Riaydh, 4 April 2011 – Deutsche Bank announced today the launch of Trade Finance and Corporate Cash Management services out of its branch in the Saudi capital Riyadh.
The services are focused on servicing the Bank’s corporate and institutional clients, and include traditional and new commercial banking services such as: international trade finance solutions, cash management and treasury solutions, including the taking of non-retail deposits in a number of GCC and international currencies.
Deutsche Bank is authorized to conduct wholesale banking in the Kingdom through its on-shore branch, and is allowed 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 (GTB) and member of the Group Executive Committee said “The expansion of our suite of services in the Kingdom is a testament to our unwavering commitment to the region, and is part of a strategic vision that has long recognized the Middle East, and Saudi Arabia in particular, as an important part of the global economy and financial sector”.
“The offering of cash management and trade finance banking services in the Kingdom, is a significant milestone for Deutsche Bank and our GTB franchise in the region. We are proud of the contribution we have made in Saudi Arabia to date, and we look forward to further assisting our clients with their financial needs,” Steinmüller added
Ashok Aram, Deutsche Bank’s CEO for the Middle East North Africa region, said “Saudi Arabia is a key strategic and growth market for our regional and global franchise , and we will continue to invest in it and to deliver the products that our clients require to grow their business.”
Deutsche Bank opened its branch in Riyadh in 2006. Deutsche Bank is recognized as being the market leader in the administration of internationally issued Islamic products, is a key partner for the banks in the region for cash and trade finance business and provides a best in class multi asset class fund administration platform.
GTB comprises commercial banking products and services for corporate clients and financial institutions, including domestic and cross-border payments, professional risk mitigation for international trade and the provision of trust, agency, depositary, custody and related services. Business units include Cash Management, Trade Finance, Trust and Securities Services.
For further information, please call:
Deutsche Bank AG
Phone: +971 (0)4 428 3860
Deutsche Bank is a leading global investment bank with a substantial private clients franchise. Its businesses are mutually reinforcing. A leader in Germany and Europe, the bank is continuously growing in North America, Asia and key emerging markets. With more than 100,000 employees in 74 countries, Deutsche Bank offers unparalleled financial services throughout the world. The bank competes to be the leading global provider of financial solutions, creating lasting value for its clients, shareholders, people and the communities in which it operates.