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19 July 2024

Deutsche eyes new business in Middle East

By Reuters

Deutsche Bank is eyeing new business in the Middle East as its global operations take a hit by the credit crisis, a senior executive said.

"We see good prospects because of the wealth creation here although sovereign wealth funds are doing a good job of managing assets so far," said Kevin Parker, the head of the bank's asset management business.

Deutsche Bank's global assets under management declined six per cent to $650 billion (Dh2.3 trillion) last year as the financial crisis weighed, he said. "It went down because of market conditions…," Parker said on the sidelines of a green energy conference.

"We are not looking at a big recovery in 2009, at least not in the first half. We have to wait and see," he said. Germany's biggest lender said last week its Q4 asset and wealth management business probably lost money in the fourth quarter, after losing €95 million (Dh451m) in the third.