Deutsche Securities Saudi Arabia (DSSA), a subsidiary of Deutsche Bank, has received a brokerage license from Capital Market Authority of Saudi Arabia.
The license will allow DSSA to provide various brokerage and financial services including trading in securities, custody, underwriting, arranging and advising as well as providing investment funds and client portfolio management.
DSSA will capitalize on its global investment banking platform in developing the financial solutions to Saudi based clients and international entities operating in or wishing to enter the Saudi market, according to Deutsche Bank.
Henry Azzam, CEO for the Middle East North Africa region at Deutsche Bank, said: “We have an ambitious growth strategy in Saudi Arabia and this will bring us to the next level of furthering the development of our franchise in the Kingdom providing brokerage, asset management and investment banking services to our client base.”
Jamal Al Kishi, CEO of DSSA, said: “The establishment of DSSA is an important step that will allow Deutsche Bank to pursue more effectively one of its important objectives, contributing to the development of the Saudi capital markets and developing Saudi investment banking talent and expertise.”