February 1, 2010
Deutsche Bank Opens Branch in Abu Dhabi
Abu Dhabi, February 1, 2010 - Deutsche Bank announced today the opening of its first branch in the United Arab Emirates’ (UAE) capital, Abu Dhabi. The branch will be focused on servicing the Bank’s corporate and institutional clients.
The inauguration of the new Abu Dhabi branch was marked by the attendance of H.E. Sheikha Lubna Al Qasimi, Minister of Foreign Trade, H.E. Sultan Bin Nasser Al Suwaidi, Governor of the Central Bank of the UAE, Werner Steinmüller, Deutsche Bank’s Head of Global Transaction Banking (GTB) and member of the Group Executive Committee, and many of the Bank’s senior representatives in the region.
In her opening remarks, H.E. Sheikha Lubna said “There is no doubt that the fact that a leading global bank such as Deutsche Bank has been operating in the UAE for more than a decade underscores the strategic perspective of global financial institutions towards the favourable business environment and the competitive atmosphere that the country presents.” H.E. added that the opening of the Deutsche Bank branch in Abu Dhabi serves to further strengthen the economic ties between Germany and the UAE, and added that the expansion decision demonstrates to the world “the diverse opportunities the UAE presents, not only locally, but regionally and globally as well. It also underlines the robustness of the UAE economy, vitality of its different sectors and its ability to respond to regional and global crises and challenges.”
H.E. Sultan Bin Nasser Al Suwaidi, said “We welcome the presence of a distinguished financial institution such as Deutsche Bank in Abu Dhabi, and we anticipate that they will play a central role in servicing the local market and the regional and international institutions operating in the UAE. The opening of Deutsche Bank’s branch will add momentum to the banking sector in the country and enrich it further.“
Werner Steinmüller emphasized the strategic importance of the Middle East region to Deutsche Bank, especially the Bank’s regional hub in the UAE.
“Our expansion and continued growth in the UAE is a testament to our unwavering commitment to the region, and is part of a strategic vision that has long recognized the Middle East as an important part of the global economy and financial sector. We are proud of the contribution we have made in the UAE to date, and we look forward to further assisting our clients in the region with their financial needs. The opening of the Abu Dhabi branch is a further significant step in the expansion of GTB. With the recent opening of new branches in the Ukraine, in China and now in the UAE we have significantly expanded our global footprint in commercial banking over the past two years.”
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. Deutsche Bank first established a presence in the UAE in 1999, with the opening of a representative office in Abu Dhabi. Henry Azzam, Deutsche Bank’s CEO for the Middle East North Africa region, said “The UAE is our regional hub, and we will continue to invest in our growth here, as we further develop our presence as one of the largest foreign investment banks in the UAE and the region. We have acted upon the needs of our clients both locally and globally over the past five years, delivering the products they require in order to grow their own businesses. Through our Abu Dhabi branch, we will bring Deutsche Bank’s expertise and global reach to our clients in the UAE, and offer them best-in-class platforms to support their current and future business needs.”
Initially Global Transaction Banking focused, the new branch will offer traditional commercial banking services such as international trade finance solutions, and cash management & 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 semigovernment institutions.
Deutsche Bank also provides custody services on the Dubai Financial Market and the Abu Dhabi Stock Exchange as well as being the first bank to provide registrar services within the UAE. 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.
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