Wholesale banking nod for Deutsche

Deutsche Bank yesterday said it had received the authorisation of the Central Bank of the UAE to conduct wholesale banking through an on-shore branch, which will enable it to take institutional deposits and offer loans and advances to corporate entities, government and semi-government firms.

The bank, with a branch at the DIFC, has established a custody presence through its Deutsche Securities and Services branch in Dubai and has representative offices in Dubai and Abu Dhabi.

It will be able to offer cash management, trade finance, investment banking and asset management services. It will use the license as an opportunity to upgrade its presence in Abu Dhabi.