Deutsche Bank receives UAE Central Bank license to offer wholesale banking in the Emirates
Deutsche Bank announced today that it has received the authorization of the Central Bank of the United Arab Emirates to conduct wholesale banking through an on-shore branch, which will enable it to take institutional deposits, and offer loans and advances to corporate entities, government and semi-government institutions.
The license further complements Deutsche Bank’s presence and range of product offerings in the UAE. 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.
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About Deutsche Bank
Deutsche Bank is a leading global investment bank with a strong and profitable private clients franchise. A leader in Germany and Europe, the bank is continuously growing in North America, Asia and key emerging markets. With 81,308 employees in 75 countries, Deutsche Bank offers unparalleled financial services throughout the world. The bank competes to be the leading global provider of financial solutions for demanding clients creating exceptional value for its shareholders and people.
Deutsche Bank’s commitment in the MENA region is more than a century old, beginning with the Bank’s financing of the construction of the Baghdad railway.
Deutsche Bank opened its first office in Cairo in 1959, followed in the early seventies by an office in Bahrain. In 1999, Deutsche Bank embarked on a regional expansion drive across the GCC which began with the opening of an office in the UAE’s Capital Abu Dhabi in 1999, followed by two offices in Dubai: a representative office inaugurated in 2001 and a branch at the Dubai International Financial
Centre (DIFC) in 2005. In April of 2006, Deutsche Bank opened a branch in the Kingdom of Saudi Arabia, in the capital Riyadh. In November of 2007, Deutsche Bank opened its branch in the Qatar Financial Centre in Doha.
Deutsche Bank AG in the MENA region offers the full range of investment banking, asset management; private wealth management; and global transaction banking services. Deutsche Bank AG is well recognized for its leading role on some of the most prestigious regional transactions. The Bank is the recipient of several regional and international awards in recognition for its achievements in investment banking and Islamic finance in the region.