Deutsche Bank is the latest financial institution to officially open up a branch in the burgeoning Dubai International Financial Centre. ...

Deutsche Bank is the latest financial institution to officially open up a branch in the burgeoning Dubai International Financial Centre. The German bank has had an office in Dubai since 2001. It was also a founding member of the Dubai International Financial Exchange when it launched in September 2005 and the first bank to list businesses on the new exchange. Dubai’s new financial centre is enjoying a vibrant influx of firms which have recently gained licenses from the Dubai Financial Services Authority to operate in the region. Deutsche joins Morgan Stanely and Credit Suisse in the DIFC, while more recent arrivals include the international private banking division of Lloyds TSB Bank which opened in December last year, and the Austrian group Superfund Investment Group, which launched an office there just over a month ago. Michael Cohrs, head of global banking and member of the group executive committee at Deutsche Bank, officially inaugurated the new office. He said Deutsche Bank intends to be one of the top banks in the region and this is an initial step in the bank's growth plans.