Business Desk :
Deutsche Bank, one of the largest German-based banks in Europe, is going to start its operations through a representative office in Bangladesh.
With this new market entry, Deutsche Bank is expecting to expand its regional footprint inAsia Pacific to 15 diverse markets.
Germany is the largest trading partner of Bangladesh in Europe and the second largest globally, only after the US.
German exports to Bangladesh have tripled in the past 25 years.
In 2021 German exports to Bangladesh recorded a 45% increase, to $877 million, out of which almost half was machinery and equipment at almost $400 million.
To lead its business in Bangladesh, the bank has hired Syed Naushad Zaman, the former Deputy Head of Commerzbank.
Deutsche Bank has confirmed the launch of its first representative office in Dhaka, through a media release on its official website on September 5.
According to its officials, the bank is starting its operations in the country as a response to strong client demand for trade finance support in this fast-growing economy. The representative office will focus on supporting multinational corporate clients, predominantly the exporters to Bangladesh.
“We continue to grow and invest in our business in the Asia Pacific,” said the bank’s CEO for the Asia Pacific and member of the management board, Alexander Von Zur Muehlen.
“We are proud that on our 150th anniversary, we welcome the 15th market to our strong regional network.”
Deutsche Bank Global Co-Head for Trade Finance and Lending, Atul Jain added, “Bangladesh is an increasingly strategic market for both our global multinational and German corporate clients. This representative office reflects our firm commitment to support our clients’ evolving risk management and financing needs in this dynamic growth market.” In the nineties, after former president of the United States, Donald J Trump’s casino and hotel business collapsed, most major banks turned away from him except Deutsche Bank.
In mid-2017, the bank’s two-decade relationship with Trump came into question after American newspaper, The New York Times published an investigative report on this.
In that report, they said that the banking regulators are investigating tens of millions of dollars invested in Trump’s businesses through Deutsche Bank’s private wealth management unit.
