Deutsche Bank Targets Middle East Wealth With 10 New Hires

This content was published on June 12, 2024 - 10:15

3 minutes

(Bloomberg) — Deutsche Bank AG’s wealth management arm is stepping up its recruitment efforts in the Middle East, a region that has become a magnet for the world’s ultra-rich.

The German lender hired 10 bankers in recent months, many from Credit Suisse, to focus on wealthy clients and families in the Gulf, according to a top executive at the bank. Among the newcomers are Fayez El Hajj, a managing director who spent 17 years at Credit Suisse, as well as half a dozen directors.

“The Middle East region is one of our core growth markets, so what we are doing right now is to further strengthen the team to capture the huge potential,” Saad Osseiran, Deutsche’s head of private banking in the Middle East, said in an interview in Dubai.

Osseiran joined Deutsche in October last year as part of an earlier team of 10 private bankers from Credit Suisse which at the time was being merged with Swiss rival UBS Group AG.

Deutsche Taps 10 Credit Suisse Bankers for Mideast Wealth

The Gulf is becoming a key battle ground for global wealth managers. With the new hires, Deutsche is upping the ante in a region seen by many international firms as key to their growth plans. HSBC Holdings Plc, Julius Baer Group Ltd. and Goldman Sachs Group Inc. have all been boosting headcount in the region, which is increasingly becoming a favored destination for the global wealth elite.

“In the GCC (Gulf Cooperation Council), you see these dynamics that are developing in a very positive manner, with a significant increase in government spending on infrastructure capabilities and improving regulatory frameworks,” Osseiran said.

Deutsche has been rebuilding its franchise in the Middle East in recent years following a period of internal restructuring at the Frankfurt-based banking giant. It recently brought back its former chief executive for the Middle East while senior executives have identified the regional franchise as a major growth engine.

Deutsche Bank Targets Asia, Middle East for Wealth Ambitions

Deutsche’s regional focus will be on key markets including Saudi Arabia, the United Arab Emirates and Qatar with the aim of doubling its business by 2028, Osseiran said. The bank has over 40 bankers focusing on the Middle East, half of whom have joined during the last 12 months and are based in locations ranging from Geneva and London to Riyadh and Dubai.

“We’re strongly positioning ourselves to win new business. This is what we are here to do: win new business,” he said.