Deutsche Bank’s IPB division expands its wealth management services in South Africa, catering to private, wealth, and commercial clients.
Deutsche Bank International Private Bank has expanded the wealth management services it provides in South Africa (IPB). A division of the German-based Deutsche Bank that caters to private, wealth, and commercial clients. The division said on Thursday that it has established a new wealth management representative office in the African nation.
Deutsche Bank is focusing on wealthy South Africans
According to IPB, the new services expand on the multinational investment bank’s “strong local presence in investment and corporate banking.” According to the journal, the German lender intends to grow market share among ultra-high net worth individuals and African entrepreneurs.
The IPB Africa team is situated in Zurich, Switzerland, and will serve South African clients from there, according to the business. 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, Head of IPB Africa.
The Middle East and Africa region has been significantly contributing to the expansion of Deutsche Bank’s wealth management brand, according to Marco Pagliara, Head of IPB EMEA. He went on to say that the South African team working in the representative office as well as the South African staff generally have a significant amount of experience in wealth management and financial products, as well as a solid track record of providing service to consumers in the region.
According to the German lender, Deutsche Bank Switzerland will oversee the rep office. It has received approval to do so from the Prudential Authority of the South African Reserve Bank (SARB). To handle marketing and other non-transactional duties, a rep office abroad is established.
Notwithstanding the recent loss of more than ten percent in its share price. Deutsche Bank is currently investigating the possibility of investing in tokenized assets through digital funds. The German lender’s Singaporean branch recently completed the proof-of-concept phrase for its Project Digital Assets Management Access (DAMA). In collaboration with Memento Blockchain, the trial took place.