Deutsche Bank grows in Nordic and Asian regions

German banking giant Deutsche Bank has announced the creation of a dedicated FX sales team in the Nordic region. The move will see the team covering all institutional, sovereign, public sector, corporate and mid-cap clients in Sweden, Norway, Denmark, Finland and Iceland.

According to reports, the new sales force will be based in Stockholm and will provide multi-product services to the region. Currently the investment bank operates offices in Stockholm, Helsinki and Oslo, with more than 40 professionals providing Nordic clients with financial services.

Local coverage

However, the new team, which began operations yesterday, is made up of long-standing and experienced FX specialists and will help to bolster the German bank's presence in the Nordic region.

Zar Amrolia, global head of foreign exchange at Deutsche Bank, commented in a statement yesterday: "Foreign exchange is a local business with a global product. As the world's leading FX bank, we aim to provide our clients with the most comprehensive and sophisticated local coverage."

He added, "We are pleased [...] the team will be joining us to do this. [The] team will offer clients a direct and personalised service that takes advantage of synergies across client segments."

Banking licence

The news comes on the same day as additional growth for Deustche Bank as the firm also announced that it has receives an international Islamic banking licence from Malaysia's central bank.

The licence will allow the bank to conduct non-ringgit Islamic banking services.

According to reports, Malaysia - which is largely considered as Asia's main Islamic finance hub - mostly conducts its sharia banking business dealings in the local ringgit currency, but the central bank is now keen to encourage foreign investment in the region.

As such, the central bank is planning to award two new Islamic banking licences to foreign firms to set up banks with paid-up capital of at least US$1 billion.

Matthew Buttell

Matt Buttell graduated from Bath Spa University in 2006. Since then he has written for several publications, before moving to the web. He now writes solely for the internet, continuing to cover key business issues while managing his own personal blog.

Related Articles:

Santander in Turkish talks | Iceland's talks of repayment fall down | Commerzbank struggles as shares fall

Like this article? Get the RSS feed: