Deutsche Bank Says Dubai Will Be Hub for Africa Business - Bloomberg Business

Deutsche Bank Says Dubai Will Be Hub for Africa Business - Bloomberg Business:



"Deutsche Bank AG is merging its African business into its Middle Eastern operations as it seeks greater access to the region’s fastest-growing economies.



Ashok Aram, who heads Deutsche Bank in the Middle East, made the announcement today at the Bloomberg Future Cities Forum in Dubai. Aram will expand his responsibilities to take charge of Africa, including South Africa and Nigeria, and said the move has been approved by Deutsche Bank’s board. Dubai will be the hub for the newly-created Middle East and Africa region.



A city of 2.1 million people, Dubai became a regional banking center after opening the Dubai International Financial Centre in 2004 to attract international banks, asset managers and insurers with promises of zero taxes for 50 years. Rivals such as Standard Chartered Plc and Barclays Plc relocated their African businesses to Johannesburg from Dubai in recent years."



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