Media Release Zurich/Dubai, March 30, 2023 – Deutsche Bank International Private Bank (IPB) today announced the expansion of its offering in Africa, with a new representative office for wealth management launched in South Africa.
As a representative office of Deutsche Bank (Switzerland) Ltd in South Africa, it also obtained a Financial Services Provider (FSP) license from the Financial Sector Conduct Authority of South Africa (FSCA). This expansion into wealth management builds on Deutsche Bank’s strong local presence in investment and corporate banking.
Marco Pagliara, Head of IPB EMEA, said: “Middle East & Africa has been contributing strongly to the growth of Deutsche Bank wealth management’s franchise. The representative office and the South Africa team offer vast experience in wealth management, investment products, with a successful track record of servicing clients in the region.”
Investing to grow in South Africa underscores Deutsche Bank wealth management’s commitment to the continent, and ambition to grow its franchise in the region by increasing market share amongst ultra and high net worth individuals as well as entrepreneurs.
Head of IPB Africa, Paul Sayers said: “With this new commitment, clients in South Africa will benefit from the bank’s wealth management investment platform and offering, which covers the entire range from cash management and traditional portfolio management, to complex structuring and alternative asset classes.”
South Africa wealth management clients will be booked in Zurich, Switzerland, where the IPB Africa team is based.