Deutsche Bank strengthens its presence in Eastern Europe with a new subsidiary in the Ukraine
Today, Deutsche Bank officially opened its new subsidiary in the Ukraine. With the “Open Joint Stock Company” (OJSC) “Deutsche Bank DBU”, based in Kyiv (Kiev), the bank is strengthening its Central and Eastern European franchise. Target clients include multinational corporations and small and mid-cap companies from Germany and Western Europe as well as corporate and institutional clients in Central and Eastern Europe. The focus of the new subsidiary’s business operations will be on Global Transaction Banking, which comprises cash management, trade finance and forex management. Investment banking activities are scheduled to be expanded over the years to come.
To mark the opening of “Deutsche Bank DBU”, Jürgen Fitschen, member of Deutsche Bank’s Management Board said: “As part of our strategic positioning, our subsidiary in the Ukraine will strengthen us even more as the ideal banking platform for our clients’ investments, operations and market presence in Central and Eastern Europe. We believe there are opportunities for growth in the Ukraine, and in the entire region, and are therefore strengthening our network in the region.”
The subsidiary will be headed by Konstantin Seryogin (39), who was already head of Deutsche Bank’s Ukrainian representative office. With more than 15 years of experience in the financial sector, Seryogin has advised, among others, corporate clients and banks as well as the public sector in the Ukraine. The new subsidiary is being launched with 20 staff members and equity capital of roughly EUR 22 million (UAH 230 million (hrynvia)). By the end of the year 2009, 30 employees should be working in the Ukraine, expanding to approximately 50 by 2012. In addition to this, experts already today deliver investment banking and transaction services to the country from Frankfurt, London and New York.
Deutsche Bank has maintained active business relations in the Ukraine since 1993 through a representative office. Over the past two decades, the bank has primarily conducted Global Transaction Banking for financial services providers, but it has also offered large-scale trade finance and investment banking services. Deutsche Bank has had a banking license in the country since September 14, 2009.
Deutsche Bank is present in 12 countries in Central and Eastern Europe through subsidiaries or representative offices. The focus here is on wholesale banking, that is business with corporations and institutions. In this context, for example, approximately 25 percent of Germany’s foreign trade with this region is now conducted through Deutsche Bank. Furthermore, the bank has a well-established private client franchise in Poland, with its own network of branches.
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About Deutsche Bank
Deutsche Bank is a leading global investment bank with a strong and profitable private clients franchise as well as mutually reinforcing businesses. A leader in Germany and Europe, the bank is continuously growing in North America, Asia and key emerging markets. With 78,896 employees in 72 countries, Deutsche Bank offers a comprehensive range of services worldwide. The bank’s goal is to be the leading global provider of financial solutions for demanding clients, creating exceptional value for its shareholders and people.