The new company, Dresdner Bank (DIFC) Limited, has received a license from the Dubai Financial Services Authority to establish its office in the Dubai International Financial Centre.

Dresdner Bank is one of the top ten players in Europe's private banking industry, and in Germany ranks number two in this segment. In total, the bank manages assets worth about EUR130bn (USD201bn) for its affluent private clients.

Dresdner Bank is not new to the region, having maintained a representative office in Dubai for over 12 years. Building on this experience, the new company has been established to serve as a platform for further growth throughout the GCC region specifically to take advantage of one of the most attractive and fastest growing private wealth management markets in the world. Dresdner Bank (DIFC) Limited will be part of Dresdner Bank's Private Wealth Management Division.

Welcoming Dresdner Bank to the DIFC community, Nasser Al Shaali, CEO of the DIFC Authority commented that:

"With the exceptional growth of private wealth in the Middle East, the demand for wealth management services has experienced a tremendous surge. Institutions like Dresdner Bank with vast expertise in this sector have access to a large number of new market opportunities. Their office in DIFC gives the company the strategic platform to establish new relationships with customers, gain competitive edge and increase their share of the regional market."

Andreas Georgi, who represents this Division on Dresdner Bank's Board of Managing Directors went on to observe that: "The formation of a subsidiary in Dubai is a further step within the international expansion strategy of Dresdner Bank's Private Wealth Management"

Clients will be able to access the comprehensive offering within the Allianz Group, which now encompasses two Shariah-compliant mutual funds managed by Allianz Global Investors to meet the high demand for Shariah-compliant investments throughout the region.