by Isaac Thomas, Director, Trade Finance/Cash Management Corporates,
MENA Region, Global Transaction Banking
Despite the global recession, the Middle East and North Africa (MENA) continues to be a region of attractive business opportunities. Deutsche Bank is one of the few international banks that is strengthening its commercial and transaction banking presence in the region. Isaac Thomas, Regional Head of Trade Finance and Cash Management Corporates, talks about 2008 and prospects for 2009.
What were the highlights in 2008 for Deutsche Bank’s corporate business in trade finance and cash management in the MENA region?
There were several highlights, but the biggest one was Deutsche Bank’s decision to build up a specific corporate cash management and trade services team for the region.
My mandate has been to increase the profile of the corporate cash and trade business for Deutsche Bank in the region. We knew that to achieve this, we needed a combination of both internal preparation and market awareness. As a result of the work we have done, we now have a clearly defined Middle East and North Africa strategy for the future. Our senior management is convinced of the growth potential and very supportive of the sustainability of business in the future. As the business in MENA grows, we see it as one of the key pillars of our regional transaction banking business.
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