Dresdner Bank to join the Dubai International Financial Centre (DIFC)Press Release 05 Jun 2008 01:54 pm
- New subsidiary key to expansion of Bank's Private Wealth Management business
- DIFC office is platform for further growth in the Near and Middle East region
Dresdner Bank has expanded its presence in the Near and Middle East region with the formation of a subsidiary in Dubai. The new company "Dresdner Bank (DIFC) Limited" has received a license from the Dubai Financial Services Authority to establish its office the Dubai International Financial Centre.
Dresdner Bank is one of the top ten players in Europe's private banking industry, and in Germany ranks number two in this segment. In total, the bank manages assets worth about 130 billion Euros (USD 201 billion) for its affluent and wealthy private clients.
Dresdner Bank is not new to the region having maintained a representative office in Dubai for over 12 years. Building on this experience, the new company has been established to serve as a platform for further growth throughout the GCC region specifically to take advantage of one of the most attractive and fastest growing private wealth management markets in the world. Dresdner Bank (DIFC) Limited will be part of Dresdner Bank's Private Wealth Management Division.
Welcoming Dresdner Bank to the DIFC community, Nasser Al Shaali, CEO of the DIFC Authority said: "With the exceptional growth of private wealth in the Middle East, the demand for wealth management services has experienced a tremendous surge. Institutions like Dresdner Bank with vast expertise in this sector have access to a large number of new market opportunities. Their office in DIFC gives the company the strategic platform to establish new relationships with customers, gain competitive edge and increase their share of the regional market."
Andreas Georgi, who represents this Division on Dresdner Bank's Board of Managing Directors said "The formation of a subsidiary in Dubai is a further step within the international expansion strategy of Dresdner Bank's Private Wealth Management"
Clients will be able to access the comprehensive offering within the Allianz Group, which now encompasses two Shariah-compliant mutual funds managed by Allianz Global Investors ("Allianz RCM Islamic Global Equity Opportunities" and "Allianz RCM Islamic Global Emerging Markets Equity") to meet the high demand of Shariah-compliant investments in the entire region.
The new company will be run by Nigel Putt, who has managed client relationships in the Near and Middle East for many years and who offers comprehensive experience in regional and international private wealth management. The Team will be supported by the addition of further relationship managers in the coming months.
Dresdner Bank's Private Wealth Management Division has been expanding recently. Last year, the bank increased the number of offices in Germany dedicated to this sector from 7 to 22 and enlarged its international footprint through the acquisition of two asset managers in Belgium. In addition, new offices have been opened in three locations in Great Britain. Kleinwort Benson, the British subsidiary, was recently awarded "Best Private Bank in UK" by Financial Times and Investors Chronicle. The establishment of Dresdner Bank (DIFC) Limited further complements the expansion of the division on a global basis.