Business | Banking
Deutsche Bank launches its securities services in Dubai
Deutsche Bank AG announced yesterday the establishment of Deutsche Securities and Services (DSS) in Dubai.
- Staff Report
- Published: 23:39 September 24, 2008
Dubai: Deutsche Bank AG announced yesterday the establishment of Deutsche Securities and Services (DSS) in Dubai.
DSS recently secured the final approval of the Securities and Commodities Authority, the UAE's capital markets regulator, to conduct custody business.
Henry Azzam, Deutsche Bank Chief Executive Officer for the Middle East and North Africa, said, "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. 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 onshore and offshore within the UAE.
Ricardo Honegger, Deutsche Bank's Chief Country Officer in the UAE, said "Deutsche Bank's commitment to the UAE is strong and ongoing. Our growth in the UAE has been remarkable."
More from Banking
More from Business
Business Editor's choice
-
Saudi-Bahraini economic ties hit new high
Whilst press reports continue speculating on a possible new political structure defining ties between Saudi Arabia and Bahrain, facts on the ground confirm ever- stronger economic ties between the two neighbours
-
Cupid targets the Fed with early tweets
Declarations range from pure romance to cute overtures and racier fare
-
Do unemployment figures flatter to deceive?
Jobseekers and recruiters give out mixed signals ranging from optimism to downright despair even as official data show recovery
