Deutsche Bank International Private Bank (IPB) has expanded its offering in Africa with a wealth management representative office in South Africa.
The expansion into wealth management builds on Deutsche Bank’s local presence in investment and corporate banking.
As a representative office of Deutsche Bank (Switzerland) in South Africa, it also obtained a financial services provider licence from the Financial Sector Conduct Authority of South Africa (FSCA).
South Africa wealth management clients will be booked in Zurich, where the IPB Africa team is based.
Marco Pagliara, head of IPB Emea at Deutsche Bank, said: “Middle East & Africa has been contributing strongly to the growth of Deutsche Bank wealth management’s franchise. The representative office and the South Africa team offer vast experience in wealth management, investment products, with a successful track record of servicing clients in the region.”
Paul Sayers, head of IPB Africa at Deutsche Bank, added: “With this new commitment, clients in South Africa will benefit from the bank’s wealth management investment platform and offering, which covers the entire range from cash management and traditional portfolio management, to complex structuring and alternative asset classes.”