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Frankfurt am Main, 5th of June 2008

Dresdner Bank receives Licence in the DIFC

• Important step within Private Wealth Management’s expansion plan
• Platform for further growth in the Near and Middle East region

Dresdner Bank expands 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 licence from the Dubai Financial Services Authority and has been incorporated within 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 2 in this segment. In total, the Bank manages assets for its affluent and wealthy private clients of some €130 bn.

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) 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 therefore be part of Dresdner Bank’s Private Wealth Management Division. 

„The formation of a subsidiary in Dubai is a further step within the international expansion strategy of Dresdner Bank’s Private Wealth Management“, says Andreas Georgi, who represents this Division on Dresdner Bank’s Board of Managing Directors.

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 seven 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 compliments the expansion of the division on a global basis.

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