Deutsche Bank AG hired a team of Credit Suisse bankers for the Middle East as the German lender expands in a region where oil wealth has helped swell a burgeoning class of ultra-rich families and businessmen.
Saad Osseiran is among a group of 10 wealth managers who will join Deutsche Bank’s private banking division after leaving the Swiss bank over the summer. The Credit Suisse veteran of 12 years will spearhead its efforts to expand its wealth division across the region.
“Because of the current geopolitical situation and our strength and history in the Middle East, we have an ambition to significantly progress the footprint and the performance of our franchise,” Marco Pagliara, head of emerging markets for Deutsche Bank’s wealth management unit, said in an interview. “The Middle East has strong development momentum tied to strong commodities which is generating impressive cash generation, so we are investing and dedicating resources there.
Most of Deutsche Bank’s recent hires are based in Dubai, the Middle Eastern finance hub, which has become a popular destination for the world’s ultra-rich including entrepreneurs, hedge fund managers and Russian oligarchs.
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