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Dresdner Bank joins the Dubai International Financial Centre (DIFC)

Posted: 05 June 2008

Dresdner Bank has expanded its presence in the Middle East with new company "Dresdner Bank (DIFC) Limited" having received a license from the Dubai Financial Services Authority to establish its office in the DIFC.

Dresdner Bank is one of the top ten players in Europe's private banking industry, and in Germany ranks number two in this sector. In total, the bank manages assets worth about $201 billion for its 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 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.

Welcoming Dresdner Bank to the DIFC community, 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.

Andreas Georgi, who represents this Division on Dresdner Bank's Board of Managing Directors said "The formation of a subsidiary in Dubai is a further step within the international expansion strategy of Dresdner Banks Private Wealth Management"

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.

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