Deutsche Bank targets Saudis in big push for wealth

Zurich

DEUTSCHE Bank AG is targeting the Middle East as a priority region for wealth management as the lender seeks to recoup assets lost late last year when concerns about its capital levels prompted an exodus of clients.

The Frankfurt-based bank is seeking to hire relationship managers and expand the products it offers wealthy clients in the region to attract new money, Peter Hinder, head of wealth management for Europe, the Middle East and Africa and the lender's Switzerland head, said in an interview in Zurich. He said he plans to hire about 20 private bankers for EMEA, though he declined to give a more precise geographical breakdown for the Middle East.