Doha, 14 January 2007
Deutsche Bank today received a licence from the Qatar Financial Centre Authority to offer financial services in the Gulf state.
The licence clears the way for Deutsche Bank to open its third full branch in the Gulf, itself a strong vote of confidence in the financial opportunities being generated in the gas rich state.
Qatar is undergoing a dramatic transformation as its economy grows and diversifies and Deutsche Bank aims to make a valuable contribution to supporting this process, offering sophisticated capital market products for both institutional and private clients.
Deutsche Bank will occupy offices in the newly completed QFC tower in the heart of Doha’s growing central business district. The Bank already has established branches in Dubai, UAE, and Riyadh, Saudi Arabia. In addition, Deutsche Bank has a network of cross-divisional representative offices in Abu Dhabi in the UAE, Egypt, Bahrain and Iran.
By the end of this year, Deutsche Bank expects its staff numbers in the region to exceed 200, marking a significant increase over the past three years. The establishment of an office in Qatar further underlines the Bank’s commitment to developing a strong on-shore presence in key Middle Eastern markets, from which to service customer demand across the product range.
Juergen Fitschen, a member of Deutsche Bank's Group Executive Committee, who received the licence in Doha, commented:
"Deutsche Bank competes to be the world's leading provider of financial solutions. An important part of this vision is the development of a strong presence in the Middle East. By licensing in the Qatar Financial Centre, we demonstrate both our commitment to developing the Bank's infrastructure in the region and our belief in the exciting growth prospects for Qatar."
For further information, please call:
Deutsche Bank
Tom Mollo +971 50 550 4203 Elaine Bartlett +44 207545 4907
Jeremy Hunt +974 545 1997 Press & Media Relations
Bell Pottinger Middle East
Deutsche Bank
Deutsche Bank is a leading global investment bank with a strong and profitable private clients franchise. A leader in Germany and Europe, the bank is continuously growing in North America, Asia and key emerging markets. With Euro 1,097 billion in assets and 67,474 employees in 73 countries, Deutsche Bank offers unparalleled financial services throughout the world. The bank competes to be the leading global provider of financial solutions for demanding clients creating exceptional value for its shareholders and people.
www.db.com
Notes to Editors:
Qatar Financial Centre
The Qatar Financial Centre (QFC) is a financial and business centre established by the Government of Qatar and located in Doha. It has been designed to attract international financial services institutions and major multi-national corporations and to encourage participation in the growing market for financial services in Qatar and elsewhere in the region. The QFC operates to international standards and provides a first class legal and business infrastructure for those licensed to operate by the Centre. The QFC was created by Qatar Law No.(7) and has been open for business since 1 May 2005.
QFC Regulatory Authority
The QFC Regulatory Authority is an independent regulatory body established by Article 8 of the QFC Law. It regulates firms that conduct financial services in or from the QFC. It has a broad range of regulatory powers to authorize, supervise and, when necessary, discipline firms and individuals. The QFC Regulatory Authority regulates firms using principle-based legislation of international standard, modeled closely on that used in London and other major financial centers. The Regulatory Authority is currently receiving applications and granting authorisations.
QFC Authority
The QFC Authority is the commercial, administrative and legislative body responsible for driving the commercial strategy of the QFC and for developing relationships with the global corporate community and other key institutions both within and outside of Qatar.