Deutsche Bank Opens Abu Dhabi Branch

Vanessa Doctor

4 February 2010

Deutsche Bank has opened its first branch in Abu Dhabi, in a bid to further strengthen economic ties between the United Arab Emirates and Germany.

The new branch complements the bank's existing network in the UAE, which includes an onshore branch, Deutsche Securities & Services, and a branch within the Dubai International Financial Centre. The company said the branch will initially be focused on global transaction banking, but will eventually offer traditional commercial banking services, such as international trade finance solutions, and cash management and treasury solutions.

"The UAE is our regional hub, and we will continue to invest in our growth here, as we further develop our presence as one of the largest foreign investment banks in the UAE and the region," said Henry Azzam, chief executive officer for the Middle East and North Africa region.

"Through our Abu Dhabi branch, we will bring Deutsche Bank's expertise and global reach to our clients in the UAE, and offer them best-in-class platforms to support their current and future business needs," he added.

Deutsche Bank first opened in the UAE in 1999 and is the first bank to offer registrar services in the country. It provides custody services on the Dubai Financial Market and the Abu Dhabi Stock Exchange, and it also administers internationally issued Islamic products.