Deutsche Bank seeks to rebuild in the Middle East

DUBAI: Deutsche Bank AG aims to rebuild in the Middle East after years of cost cutting and has hired executives to help win debt and advisory deals.

“We have pivoted from a pure cost-control focus in 2018 to a controlled, disciplined growth phase in 2019,” Jamal Al Kishi, chief executive officer of the Middle East and Africa for the Frankfurt-based lender, said in an interview.

“This year will be a better one in terms of both revenue and profitability, and you’ll see us on large financing deals and, hopefully, some M&A this year.”

Deutsche Bank had hired Ibrahim Qasim from Doha-based QInvest LLC as head of structured solutions for the Middle East and North Africa, as well as Khalid Rashid from Standard Chartered Plc to take charge of capital markets. The bank also brought in Asif Karmally to lead the financial solutions group in the United Arab Emirates, Oman and Pakistan. Deutsche Bank reported a drop in global revenue for the eighth successive quarter earlier this month, led by a slump in its key fixed-income trading business.

CEO Christian Sewing said the bank seeks a return to growth, but pledged more cost cuts if revenues disappointed. Clients have seen lenders “go through these cycles before and they want to see a strong European bank that can be a viable alternative to the United States,” Al Kishi said.