Deutsche Bank AG establishes Deutsche Securities and Services (DSS) in, UAE. DSS has recently secured the final approval of the Securities and Commodities Authority, the UAE’s capital markets regulator, to conduct custody business.
“The establishment of DSS is another important landmark for Deutsche Bank in the region, and is a clear indication of our focus on growth in the Middle East,” says Henry Azzam, Deutsche Bank chief executive officer for the Middle East and North Africa. “In addition, it comes in recognition of the tremendous opportunities present in the financial markets of the UAE, and the region as a whole.”
Earlier this month, Deutsche Bank signed two agreements with the ADX and the DFM to provide custody services for listed securities on the two bourses. The agreements came to complement Deutsche Bank’s existing custody business on the DIFX, and thus enable it to offer custody both on-shore and off-shore within the UAE.
“Deutsche Bank’s commitment to the UAE is strong and ongoing. Our growth in the UAE has been remarkable,” says Ricardo Honegger, Deutsche Bank’s chief country officer in the UAE. “We currently have around 160 staff on the ground, and offer the full range of investment banking, asset and wealth management services. Our track record in the UAE has been strong and our focus will continue to be on growing and strengthening our enterprise here and in the region as a whole.”
In addition to DSS, Deutsche Bank has a branch in the DIFC, which is its regional headquarters, and two representative offices in Dubai and Abu Dhabi.
“We are very pleased to launch our on-shore custody operations out of DSS,” says Mike Hughes, head of global transaction banking for the Middle East and North Africa. “This is an important milestone for our Global Transaction Banking business in the region, and we look forward to further extend our services and access to both international and regional clients.”
Deutsche Bank’s current market share for DIFX listed securities under custody is over 80%.
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