<p class=”MsoNormal”>Deutsche Bank International
Private Bank (IPB), the unit of Germany-based Deutsche Bank that serves private, wealth and commercial
clients, has expanded its wealth management offering to <a href=”https://www.financemagnates.com/tag/south-africa/” target=”_blank” rel=”follow”>South Africa</a>. The unit
on Thursday disclosed that it has opened a new representative office for wealth
management in the African country.</p><p class=”MsoNormal text-align-justify”>Deutsche Bank Targets Wealthy South Africans</p><p class=”MsoNormal text-align-justify”>The new offerings build on <a href=”https://www.financemagnates.com/tag/deutsche-bank/” target=”_blank” rel=”follow”>the
multinational investment bank’s</a> “strong local presence in investment and
corporate banking,” IPB said, adding that the German lender is seeking to grow
its franchise in Africa “by increasing market share amongst ultra and high net
worth individuals as well as entrepreneurs.”</p><p class=”MsoNormal”>South African clients will be
served from Zurich, Switzerland, where the IPB Africa team is based, the
company said. Paul Sayers, the Head of IPB Africa, added that clients from the
country will enjoy services such as cash and traditional portfolio management,
complex structuring and alternative asset class management.</p><p class=”MsoNormal”>“Middle East & Africa has
been contributing strongly to the growth of Deutsche Bank wealth management’s
franchise,” Marco Pagliara, Head of IPB EMEA, further noted. He added
that “the representative office and the South Africa team offer vast experience
in <a href=”https://www.financemagnates.com/tag/wealth-management/” target=”_blank” rel=”follow”>wealth management</a>, investment products, with a successful track record of
servicing clients in the region.”</p><p class=”MsoNormal”>The rep office will be operated
through Deutsche Bank Switzerland which has been authorized by the Prudential
Authority of the South African Reserve Bank (SARB) to operate the office, the
Germa lender said. A rep office is established in a
foreign country to conduct marketing and other non-transaction
operations.</p><p class=”MsoNormal”>Meanwhile, Deutsche Bank, which recently saw<a href=”https://www.financemagnates.com/institutional-forex/german-crisis-deutsche-bank-shares-plummets-as-default-insurance-spikes/” target=”_blank” rel=”follow”> a double-digit drop in its share price</a>, is exploring the possibilities of investing in tokenized securities via digital funds. The Singaporean branch of the German lender recently <a href=”https://www.financemagnates.com/cryptocurrency/deutsche-bank-works-on-tokenized-trading-platform-finishes-trial-phase/” target=”_blank” rel=”follow”>rounded off the proof-of-concept phrase</a> of its Project Digital Assets Management Access (DAMA). The trial was run in partnership with Memento Blockchain.</p><p class=”MsoNormal”>Saxo’s New Portal; JPX Gets into DeFi; <a href=”https://www.financemagnates.com/forex/news-nuggets-30-march-saxos-new-portal-jpx-gets-into-defi/” target=”_blank” rel=”follow”>read today’s new nuggets</a>.</p>
This article was written by Solomon Oladipupo at www.financemagnates.com.
