Deutsche Bank has unveiled ambitious plans to double its wealth management assets for affluent families in Southeast Asia and the Middle East over the next five years. This strategic move comes as the bank aims to tap into the growing investment interests between wealthy clans in these regions. Claudio de Sanctis, the global head of private banking at Deutsche Bank, emphasized the increasing inclination of prosperous families in Saudi Arabia, the United Arab Emirates, and Southeast Asia to explore investment opportunities in each other’s territories.
The bank’s focus on these regions is underscored by significant resource allocation and strategic hiring, particularly from Credit Suisse. De Sanctis noted that Deutsche Bank has made substantial investments in Southeast Asia and the Middle East, with these regions becoming increasingly interconnected. However, specific details regarding current assets and revenues were not disclosed.
The Middle East and Southeast Asia have gained prominence for private banks, especially in light of challenges faced in China and Hong Kong due to a prolonged property crisis and capital market downturn. This strategy positions Deutsche Bank in direct competition with its primary rival, UBS Group, which is also eyeing growth opportunities in similar regions under the leadership of its global wealth head, Iqbal Khan.
UBS Group’s recent acquisition of Credit Suisse has further solidified its position in the private banking sector, boasting nearly US$4 trillion in client assets globally. In contrast, Deutsche Bank currently manages 606 billion euros in assets under management. Despite the competitive landscape, Deutsche Bank’s expansion plans reflect its commitment to bolstering its private banking business and capitalizing on the lucrative opportunities presented by affluent families in Southeast Asia and the Middle East.
