(Bloomberg) — Deutsche Bank AG plans to make the Dubai International Financial Centre the hub for its African operations, according to its local chief executive officer.
Ashok Aram, who heads Deutsche Bank in the Middle East, made the announcement Tuesday at the Bloomberg Future Cities Forum in Dubai. The board has approved the move, he said. Aram is also taking over responsibility for the Africa business, according to a Dubai-based spokesman for the bank.
International banks are expanding in Africa to take advantage of growth rates higher than in many developed markets and demand for spending on infrastructure and projects. Deutsche Bank’s presence on the continent includes South Africa, where it last year hired former Standard Bank Group Ltd. chief operating officer Peter Wharton-Hood as CEO.
Dubai’s connections with Africa have increased as local airline Emirates boosts the number of cities it flies to in recent years.
To contact the reporter on this story: Stefania Bianchi in Dubai at email@example.com
To contact the editors responsible for this story: Dale Crofts at firstname.lastname@example.org John Viljoen