Business News
Deutsche Bank forecasts rise in business from Asia
May 26, 2011, 9:53 GMT
Frankfurt - Deutsche Bank chief Josef Ackermann said Thursday that Germany's biggest bank expects revenue from its operations in Asia to rise to about 4 billion euros (5.7 billion dollars) this year as the lender steps up in its investment in the region.
'Asia is a top priority as a driver of the bank's growth,' Ackermann told the bank's annual general meeting in Frankfurt with Asia having contributed revenue totalling 3.1 billion euros last year.
'Most of the economies in this region of the world are expanding very quickly,' he said. 'The pace of wealth creation continues to rise, above all, in India and China, while the region's capital markets hold considerable potential.
'To benefit from the region's enormous dynamics, we will continue to invest in our core businesses, broaden our coverage of clients, and provide them with improved support as we expand in the region,' Ackermann told shareholders.
He said that Deutsche Bank wanted to rank among the three leading investment banks in Asia and to break into the top five players in the private wealth management business.
As part of its efforts to boost its business profile in Asia, Deutsche Bank last year acquired a 19.99-per-cent stake in China's Hua Xia Bank.
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