Deutsche Bank has opened its first branch in the United Arab Emirates (UAE) capital, Abu Dhabi. The branch will be focused on servicing the Banks corporate and institutional clients.
Werner Steinmller, Deutsche Banks Head of Global Transaction Banking (GTB) said 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.
Deutsche Banks GTB arm has recently opened branches in the Ukraine and China.
The new branch joins Deutsche Banks 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.
Initially GTB focused, the new UAE branch will offer traditional commercial banking services such as international trade finance, and cash management & treasury, including taking non-retail deposits in a number of 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 semi-government institutions.
Deutsche Bank also provides custody services on the Dubai Financial Market and the Abu Dhabi Stock Exchange.