Deutsche Bank appoints Head of Wealth Management for the GCC

Deutsche Bank Wealth Management has appointed Mubashar Ayoob as Head of its Wealth Management business in the Gulf region, effective immediately.

Ayoob is a seasoned private banker with 23 years of industry experience gained at Merrill Lynch and UBS. He joined Deutsche Bank in Dubai in October 2011 and has since been highly instrumental in driving the growth of Deutsche Bank Wealth Management’s business in the Gulf region. In his new role, Ayoob will manage the team in the region and other locations while continuing to service some of the bank’s largest relationships in the Gulf.

Ayoob is taking over from Fred Hilal, who has left Deutsche Bank. In his role, Ayoob will also join Deutsche Bank‘s Dubai International Financial Centre (DIFC) Executive Committee and its United Arab Emirates (UAE) Executive Committee. Ayoob will report to Loïc Voide, Head of Wealth Management Middle East & Africa (MEA) and member of the Executive Board of Deutsche Bank (Switzerland) Ltd.

Ambitious growth targets

Ayoob’s appointment builds on nearly a decade of investment in human capital and platform in the Gulf and underpins Deutsche Bank Wealth Management’s commitment to the region. Ayoob and his team of relationship managers, located in Dubai, Geneva, Bahrain and Frankfurt, are looking to increase assets under management by 50% over the next three years. To support Ayoob in meeting this ambition, Deutsche Bank Wealth Management will actively seek to enlarge its coverage team this year, within the region and at other major locations.

Proven UHNW solutions and Corporate & Investment Bank capabilities

The Gulf region (excl. Saudi Arabia) is home to around 3,000 Ultra High Net Worth (UHNW) individuals, and estimates suggest a rise of this number by approximately 20% over the next five years. With its state-of-the-art investment platform and offering, Deutsche Bank Wealth Management has the capabilities to service a growing UHNW clientele across the full spectrum of its needs, from cash management and traditional portfolio management to complex structuring and alternative asset classes. Moreover, Deutsche Bank Wealth Management’s lending capabilities cater to complex and differentiated needs, where required benefiting from direct access to Deutsche Bank’s powerful Corporate & Investment bank.

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For further information, please contact:

Deutsche Bank AG

Media Relations

Stuart Haslam

Phone: +971 (0) 4 4283 860         

E-Mail: stuart.haslam@db.com 

About Deutsche Bank

Deutsche Bank provides commercial and investment banking, retail banking, transaction banking and asset and wealth management products and services to corporations, governments, institutional investors, small and medium-sized businesses, and private individuals. Deutsche Bank is Germany’s leading bank, with a strong position in Europe and a significant presence in the Americas and Asia Pacific.

With client assets of more than EUR 300 billion (as of June 30, 2018), Deutsche Bank’s Wealth Management business is one of the largest wealth managers worldwide. It offers high-net-worth (HNW) and ultra-high net-worth (UHNW) clients a broad range of traditional and alternative investment solutions, as well as comprehensive advice on all aspects of Wealth Management.

Disclaimers and disclosures 

Deutsche Bank AG, Dubai (DIFC) Branch is a branch of Deutsche Bank AG located and registered in the Dubai International Financial Centre (DIFC) in the Emirate of Dubai, United Arab Emirates, with registered no. 00062. Principal place of business in the DIFC: Dubai International Financial Centre, Gate Village, Building 5, PO Box 504902, Dubai, United Arab Emirates. Deutsche Bank AG, Dubai (DIFC) Branch is regulated by the Dubai Financial Services Authority (“DFSA”) and is authorized to provide Financial Services to Professional Clients only, as defined by the DFSA.

This release contains forward-looking statements. Forward-looking statements are statements that are not historical facts; they include statements about our beliefs and expectations and the assumptions underlying them. These statements are based on plans, estimates and projections as they are currently available to the management of Deutsche Bank. Forward-looking statements therefore speak only as of the date they are made, and we undertake no obligation to update publicly any of them in light of new information or future events.

By their very nature, forward-looking statements involve risks and uncertainties. A number of important factors could therefore cause actual results to differ materially from those contained in any forward-looking statement. Such factors include the conditions in the financial markets in Germany, in Europe, in the United States and elsewhere from which we derive a substantial portion of our revenues and in which we hold a substantial portion of our assets, the development of asset prices and market volatility, potential defaults of borrowers or trading counterparties, the implementation of our strategic initiatives, the reliability of our risk management policies, procedures and methods, and other risks referenced in our filings with the U.S. Securities and Exchange Commission. Such factors are described in detail in our SEC Form 20-F of 16 March 2018 under the heading “Risk Factors”. Copies of this document are readily available upon request or can be downloaded from www.db.com/ir .

© Press Release 2019