Deutsche Bank Launches Trade Finance Services in Saudi Arabia
Deutsche Bank has launched trade finance and corporate cash management services out of its branch in the Saudi Arabian capital Riyadh. The services are focused on servicing the bank’s corporate and institutional clients, and include traditional and new commercial banking services, such as international trade finance solutions, cash management and treasury solutions, including the taking of non-retail deposits in a number of Gulf Co-operation Council (GCC) and international currencies.
Deutsche Bank is authorised to conduct wholesale banking in the country through its on-shore branch, and is allowed to take institutional deposits and offer loans and advances to corporate entities, government and semi-government institutions.
Werner Steinmüller, Deutsche Bank’s head of global transaction banking (GTB) and member of the group executive committee, said: “The expansion of our suite of services in the kingdom is a testament to our unwavering commitment to the region, and is part of a strategic vision that has long recognised the Middle East, and Saudi Arabia in particular, as an important part of the global economy and financial sector.”