German banking giant Deutsche Bank is planning to make the Dubai International Financial Centre (DIFC) the hub for its African operations to have greater access to the region’s growing economies.
The bank’s board has approved the move, Ashok Aram – who heads Deutsche Bank in the Middle East- made the announcement at the Bloomberg Future Cities Forum in Dubai.
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Following the decision, Aram will also take charge of Africa, including South Africa and Nigeria.
However, the rival banks like Standard Chartered and Barclays have shifted their African businesses from Dubai to Johannesburg in recent years.
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