The services are focused on servicing the bank’s corporate and institutional clients, and include traditional and new commercial banking services such as: International trade finance solutions, cash management and treasury solutions, including the taking of non-retail deposits in a number of GCC and international currencies.
Deutsche Bank is authorized to conduct wholesale banking in the Kingdom through its on-shore branch, and is allowed to take institutional deposits and offer loans and advances to corporate entities, government and semi-government institutions.
Werner Steinmuller, Deutsche Bank’s Head of Global Transaction Banking (GTB) and member of the group executive committee, said: “The expansion of our suite of services in the Kingdom is a testament to our unwavering commitment to the region, and is part of a strategic vision that has long recognized the Middle East, and Saudi Arabia in particular, as an important part of the global economy and financial sector.”
Steinmuller added: “The offering of cash management and trade finance banking services in the Kingdom, is a significant milestone for Deutsche Bank and our GTB franchise in the region. We are proud of the contribution we have made in Saudi Arabia to date, and we look forward to further assisting our clients with their financial needs.”
Ashok Aram, Deutsche Bank’s CEO for the Middle East-North Africa region, said: “Saudi Arabia is a key strategic and growth market for our regional and global franchise, and we will continue to invest in it and deliver the products that our clients require to grow their business.”
Deutsche Bank opened its branch in Riyadh in 2006.
It is recognized as being the market leader in the administration of internationally issued Islamic products, is a key partner for the banks in the region for cash and trade finance business and provides a best in class multi asset class fund administration platform.
GTB comprises commercial banking products and services for corporate clients and financial institutions, including domestic and cross-border payments, professional risk mitigation for international trade and the provision of trust, agency, depositary, custody and related services. Business units include cash management, trade finance, trust and securities services.
