Deutsche Bank seeks to increase lending to commodity traders in the Middle East, media reports said. The move is anticipated to double the size of its business in the region. More recently, the bank appointed Loic Voide and Kees Hoving as co-chief executive officers for the Middle East and Africa.
Loic Voide told the media, “In the next five to six years, we would like to double the size of the revenues from what we have today. The old Deutsche Bank wanted to be everything to everybody, and we realized in the past few years that’s not sustainable.”
Its peers including ABN Amro Bank NV, BNP Paribas SA and Societe Generale have limited their exposure to commodity traders on the back of several collapses and scandals worldwide, media reports said. That said, Deutsche Bank also plans to scale up its bond sales. The bank has already participated in some of the largest deals in the region this year. For example, Qatar’s $10 billion issuance in April and Abu Dhabi’s $5 billion sale in August.
Two years ago, Deutsche Bank saw an opportunity in refinancing and trading debt in India. The bank was planning to collaborate with other companies to arrange financing for Indian debtors.