Deutsche Bank Expands riches control provider to Southern Africa

Wealth Management Expansion by Deutsche Bank Into South Africa
The wealth management services that Deutsche Bank Global Professional Bank (IPB), a division of the German bank, offers to its elite, wealthy, and business clients, has expanded to include South Africa. It was announced on Thursday that a new representative office for wealth management had been established in the country of Africa. The new choices, according to IPB, are intended to expand the international investment bank’s team in Africa “by increasing market share amongst ultra and high-net worth individuals as well as entrepreneurs,” building on the bank’s “strong local presence in investment and corporate banking.”
The IPB Africa staff is situated in Zurich, Switzerland, and will provide service to South African customers there, the bank announced. Clients from the nation will benefit from services like cash and traditional portfolio management, complicated structuring, and alternative asset class management, according to Paul Sayers, the CEO of IPB Africa. Marco Pagliara, the head of IPB EMEA, stated, “Middle East & Africa has been contributing significantly to the growth of Deutsche Bank wealth management’s franchise.”
The South African Reserve Bank’s (SARB) Prudential Authority has given Deutsche Bank Switzerland permission to manage the representative office, according to the German lender. The establishment of a representative office in another country serves the function of marketing and other non-transactional activities. Deutsche Bank is also looking into the potential of using digital assets to trade tokenized securities. The German lender’s Singaporean affiliate recently wrapped up the Project Digital Asset Management Access (DAMA) proof-of-concept phase. The Memento Blockchain was used in connection with the experiment.

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