March 31, 2023
Deutsche Bank expands South African footprint with new Wealth Management offering
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.
For further information please contact:
Deutsche Bank AG
Media Relations
Eva-Caroline Mairinger
E-Mail: eva-caroline.mairinger@db.com
Mohanad Nahas, Dubai
E-Mail: mohanad.nahas@db.com
About Deutsche Bank
Deutsche Bank has a long history in South Africa. Having established a representative office more than 40 years ago in 1979, Deutsche Bank AG expanded its presence through the acquisition of leading local stockbroker Ivor Jones, Roy & Co in 1995 and subsequently opened a branch of Deutsche Bank AG in 1998 active in investment and corporate banking.
Deutsche Bank is a fully integrated international business, offering its African client base Investment and Corporate banking as well as Wealth Management products and services in South Africa.
General Disclaimer
This document has been produced by Deutsche Bank (Switzerland) Ltd (“DBS”). DBS is authorised under the Swiss Banking Act by the Swiss Financial Market Supervisory Authority (“FINMA”).
In South Africa, this material is distributed by DBS authorized as a Fnancial Services Provider (FSP) for the provision of Advice and Intermediary Services by the Financial Sector Conduct Authority of South Africa (FSCA) under registration no. 52190. DBS is approved to operate a Representative Office by the Prudential Authority of the South African Reserve Bank (SARB).
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