Deutsche Bank is also following rivals in seeking to reap the rewards from steadier wealth management. AFP Photo/Daniel Roland
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Deutsche Bank AG is targeting the Middle East as a priority region for wealth management as the lender seeks to recoup assets lost late last year when concerns about its capital levels prompted an exodus of clients.The wealth-management unit's invested assets plunged 26 percent in the fourth quarter to 216 billion euros ($247 billion) as clients withdrew funds and investors questioned the bank's ability to withstand billions of dollars in fines.Deutsche Bank, which also offers investment banking in Saudi Arabia, is among global banks going into the kingdom in preparation for an expected fee bonanza and wealth creation.Only a handful of international banks, such as JPMorgan Chase & Co., Deutsche Bank and BNP Paribas SA, have licenses to open branches in the kingdom.
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