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Date: 18/12/2008


Deutsche Bank gets Central Bank license for wholesale banking in Dubai

Deutsche Bank, leading global investment bank, has received the authorization of the Central Bank of the UAE to conduct wholesale banking through an on-shore branch that will enable it to take institutional deposits and offer loans and advances to corporate entities, government and semi-government institutions.

The license further complements Deutsche Bank's presence and range of product offerings in the UAE. Deutsche Bank currently has a branch within the Dubai International Financial Centre. It has established a custody presence through its Deutsche Securities and Services branch in Dubai and has two representative offices, in Dubai and Abu Dhabi.

Deutsche Bank will be able to offer cash management, trade finance, investment banking and asset management services. Deutsche Bank will use the wholesale banking license as an opportunity to upgrade its presence in Abu Dhabi from a representative office to a branch.