Deutsche Bank secures Saudi Arabia regional headquarters licence

Investing.com -- Deutsche Bank has obtained a regional headquarters licence in Saudi Arabia, the German lender said Wednesday. The licence grants the bank access to major government and state-linked contracts as the kingdom requires multinational companies to expand their presence in Riyadh.

The new regional headquarters will operate from Riyadh and oversee Deutsche Bank's regional management, strategic decision making and corporate functions across the Middle East, according to the bank's statement.

Deutsche Bank becomes one of several financial institutions that have secured the licence, joining JPMorgan, Goldman Sachs and Morgan Stanley.

Saudi Arabia has required multinational companies to relocate their regional headquarters to Riyadh in recent years as part of efforts to establish the capital as a leading financial hub. The government has stated that companies without a Riyadh headquarters risk losing access to state contracts.

The RHQ program forms part of Crown Prince Mohammed bin Salman's Vision 2030 plan to diversify the kingdom's economy away from oil.

The new entity will be Deutsche Bank's third legal entity in Saudi Arabia. The bank previously established a Riyadh branch in 2006, regulated by the Saudi Central Bank, and Deutsche Securities Saudi Arabia in 2007, regulated by the Capital Market Authority.

Jamal Al Kishi, Deutsche Bank's chief executive for the Middle East and Africa, said the licence would support the bank's expansion targets in the region and its ability to connect Saudi and regional clients to opportunities in Europe, Asia, the Americas and Africa. He added that the move would help attract foreign direct investment into Saudi Arabia and other markets across the region.

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