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Dubai: Deutsche Bank AG announced on Wednesday the establishment of Deutsche Securities and Services (DSS) in Dubai.
DSS has recently secured the final approval of the Securities and Commodities Authority, the UAE's capital markets regulator, to conduct custody business.
Henry Azzam, Deutsche Bank Chief Executive Officer for the Middle East and North Africa, said: "The establishment of DSS is another important landmark for Deutsche Bank in the region, and is a clear indication of our focus on growth in the Middle East. In addition, it comes in recognition of the tremendous opportunities present in the financial markets of the UAE, and the region as a whole."
Earlier this month, Deutsche Bank signed two agreements with the ADX and the DFM to provide custody services for listed securities on the two bourses. The agreements came to complement Deutsche Bank's existing custody business on the DIFX, and thus enable it to offer custody both on-shore and offshore within the UAE.
Deutsche Bank's current market share for DIFX listed securities under custody is over 80 per cent.
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