The increase in wealth and flow of funds into Asia and the Middle East is prompting many western wealth managers and private banks to look eastward and grow their operations in the regions.
The latest one to jump on the band wagon is Deutsche Bank, according to Bloomberg.
Head of international private banking Claudio de Sanctis said the German bank intends to “significantly invest” in the Middle East and southeast Asia.
More specifically, the bank is targeting markets such as Indonesia and Saudi Arabia, where the governments are resource rich and spending heavily.
He said the two regions are experiencing “strong tailwinds for wealth creation” thanks to a mix of economic reforms, trade flows and geopolitics.
The expansion plans follow a push in the eastern markets, where Deutsche Bank has been on a hiring spree for wealth and private banking professionals to bolster its operations.
