Dresdner Bank, a 100%-subsidiary of Allianz, one of the world’s largest financial services providers, on 13 April 2005 celebrated another decade of success in the Middle East and Gulf region with the 10th anniversary of its local representative office in Dubai.
The close relationship between the Arab world and Dresdner Bank dates back to 1954 when the Bank opened its Cairo representative office - only the second Dresdner representative office to be established outside Germany, with the first located in Istanbul. This was followed by the opening of the Beirut office (1964), the Tehran office (1973) and the Bahrain office (1976), which was subsequently moved to Dubai, United Arab Emirates (UAE) in 1995.
“Dresdner Bank has long been committed to developing and maintaining a strong and active Middle East presence and the 10 year anniversary of the establishment of our Dubai office, which saw Dresdner Bank pioneer the way for other German banks’ entry into the UAE, marks an important milestone,” said Bashar A. Barakat, Head of Dresdner Bank Representative Office in Dubai.
Dresdner Bank’s Corporate Banking division maintains long standing relationships with key financial institutions throughout the Middle East and, in co-operation with these institutions, provides trade finance products for German and European corporates. For a large number of institutions in the region, Dresdner Bank is a €- clearing bank. Dresdner Bank also provides advisory services and financing for infrastructure projects to selective clients in the Middle East.
Also active in the region is Dresdner Kleinwort Wasserstein (DrKW), the investment bank of Dresdner Bank, which provides investment banking solutions that are tailored to meet the unique needs of clients and customers in the region. In 2003, DrKW was named Bond House for Emerging Europe, the Middle East and Africa by International Financing Review in recognition of its leadership position in these regions.
In February of this year, DrKW lead managed a US$750 million five-year benchmark bond issue for Emirates Bank International – the largest-ever international bond transaction for a financial institution in the Middle East.
In Private Banking, Dresdner Bank sees a significant market development in the Middle East with a growing demand for highly sophisticated and customised solutions. Dresdner’s private banking activities in this region build on strong traditional relationships of trust and mutual respect and reflect the traditional values of discretion and confidentiality.
Since the inception of Dresdner Bank’s activities in the Middle East, the service offering has developed from the simple provision of investment products and deposits to advisory and discretionary portfolio management, structural asset analyses, international real estate, trust administration and wealth transfer between the generations. Customers throughout the region are now served by consultants and relationship managers from the Bank’s Dubai office as well as the European entities of Dresdner Private Banking (e.g. Channel Islands, UK, Switzerland, Germany and Luxembourg).
Mr. Barakat concluded: “The promising market outlook for the Middle East combined with our dedication to and long history of serving the region give Dresdner Bank great confidence in the future and our ability to deliver superior results for the Bank and its regional clients.”
