Dresdner Bank has expanded its presence in the Near and Middle East regions with the formation of a subsidiary in Dubai. The new company Dresdner Bank (DIFC) Limited has received a license from the Dubai Financial Services Authority to establish its office the Dubai International Financial Center. Dresdner Bank is one of the top ten players in Europe's private banking industry, and in Germany ranks number two in this segment. In total, the bank manages assets worth about 130 billion euros ($201 billion) for its affluent and wealthy private clients. Dresdner Bank is not new to the region having maintained a representative office in Dubai for over 12 years. Building on this experience, the new company has been established to serve as a platform for further growth throughout the GCC region specifically to take advantage of one of the most attractive and fastest growing private wealth management markets in the world. Dresdner Bank (DIFC) Limited will be part of Dresdner Bank's Private Wealth Management Division. Nasser Al-Shaali, CEO of the DIFC Authority, said: “With the exceptional growth of private wealth in the Middle East, the demand for wealth management services has experienced a tremendous surge. Institutions like Dresdner Bank with vast expertise in this sector have access to a large number of new market opportunities. Their office in DIFC gives the company the strategic platform to establish new relationships with customers, gain competitive edge and increase their share of the regional market.” Andreas Georgi, who represents the division on Dresdner Bank's board of managing directors, said “the formation of a subsidiary in Dubai is a further step within the international expansion strategy of Dresdner Bank's Private Wealth Management.” Clients will be able to access the comprehensive offering within the Allianz Group. __
