It will be the bank's second office in Russia: it has been operating in Moscow since 1998, currently with 1,000 staff across all product groups.

The private wealth management office will be headed by Ulyana Ivanova. The senior relationship officer for global transaction banking will be Angrey Golubkov.

Hans-Juergen-A Koch, managing director and head of Private Wealth Management International, said: " Russia is becoming an increasingly important part of our global business and we are delighted to have a presence in Russia's northern capital. Its growing role as a major business centre, hosting the headquarters of some of Russia's and international largest companies, shows the clear demand for world-class financial services on the ground."