Deutsche Bank has received a regional headquarters (RHQ) licence from the Ministry of Investment of Saudi Arabia (MISA), allowing the bank to establish its regional headquarters in Riyadh.
Riyadh-based entity will support the bank’s regional offering across corporate banking, investment banking, and operations serving as a platform for Deutsche Bank’s strategic decision-making across the Middle East.
The RHQ will complement the bank’s existing operations in the Kingdom, including its Riyadh branch and Deutsche Securities Saudi Arabia.
The licence marks another step in Deutsche Bank’s expansion in Saudi Arabia, where it has operated since establishing its Riyadh branch in 2006.
Jamal Al Kishi, Deutsche Bank’s CEO for Middle East and Africa, said: “Saudi Arabia and the Middle East are a key growth market for Deutsche Bank and therefore receiving this regional headquarters license marks an important step towards realising our strategic business expansion targets in the region.
“Among other things, it enhances our ability to deliver on our Global Hausbank strategy – being a trusted partner to our clients wherever they operate. As a leading global bank with strong European roots and a unique network spanning the globe, we are well positioned to connect our Saudi and regional clients to opportunities in Europe, Asia, the Americas and Africa while pursuing the attraction of foreign direct investments into Saudi Arabia and other regional markets.”
The branch operates under a commercial banking licence regulated by the Saudi Central Bank (SAMA), while Deutsche Securities Saudi Arabia was established in 2007 and is regulated by the Capital Market Authority (CMA).
The RHQ will become Deutsche Bank’s third legal entity in Saudi Arabia as the Kingdom continues to develop Riyadh as a regional financial centre under its Vision 2030 strategy.