Deutsche Bank yesterday officially opened its Dubai branch in the DIFC (Dubai International Financial Centre).
Deutsche Bank has had an office in Dubai since 2001, but opened a branch in the DIFC in order to take advantage of the growing opportunities in the region. Deutsche Bank became a founding member of the DIFX, and was the first to list products, when it launched in September 2005.
Michael Cohrs, Head of Global Banking and Member of the Group Executive Committee at Deutsche Bank, who officially inaugurated the new office, commented, “The Middle East has been developing significantly over the past few years and is now a key market for the international banking industry.
Deutsche Bank intends to be one of the top investment banks in the region and this is an initial step in the bank’s growth plans.”
Welcoming Deutsche Bank, Dr Omar Bin Sulaiman, Director General of the Dubai International Financial Centre Authority commented: “The Middle East is an increasingly important region of operations for international banks, and we are delighted that Deutsche Bank, as one of the world's largest and most respected financial institutions, has chosen to invest in the region in this way.
"As a global powerhouse and one of the world's leading international financial service providers Deutsche Bank's decision to base themselves in the DIFC is an endorsement for us being a truly international and well-regulated financial centre.”
© 2006 Al Bawaba (www.albawaba.com )