Dresdner expands Mideast presence

Dubai: Dresdner Bank has expanded its presence in the Middle East region with the formation of a subsidiary in Dubai.

The new company, Dresdner Bank (DIFC) Limited, has received a licence from the Dubai Financial Services Authority to establish its office the Dubai International Financial Centre (DIFC).

Dresdner Bank is one of the top 10 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 ($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 Gulf Cooperation Council (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.

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."