Mubasher: Deutsche Bank AG announced plans to rebuild its presence in the Middle East after years of cost control. It has even begun appointing executives to acquire debt and consultancy contracts in the region.
The Frankfurt-based lender shifted its focus from cost control in 2018 to a controlled growth approach in 2019, Deutsche Bank’s CEO for the Middle East and Africa Jamal Al Kishi told Bloomberg.
“This year will be a better one in terms of both revenue and profitability,” Kishi added, expecting that large financing and merger and acquisition (M&A) deals would be concluded in 2019.
The German lender hired Ibrahim Qasim from Doha-based QInvest LLC to lead structured solutions for the Middle East and North Africa (MENA) and Khalid Rashid from Standard Chartered Plc as the head of capital markets.
Earlier in February, Deutsche Bank’s revenues tumbled for the eighth successive quarter, pressured by a drop in its key fixed-income trading business. It registered EUR 341 million ($390 million) in net profit in 2018, whereas its Q4-18 results showed a net loss of EUR 409 million.
However, the German bank’s CEO Christian Sewing expects the bank to return to growth, but noted that if revenues declined, additional cost cuts would be implemented.
The fifth largest arranger of bond sales in the MENA region succeeded in arranging a $12 billion-bond issue for the Qatari government, the single biggest sale in the region in 2018.
As the 39 top syndicated loan bookrunner in the region, the German lender also arranged sales for Egypt and Lebanon, in addition to participating in the $2 billion loan refinancing for Dubai ports operator DP World Ltd.
