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Deutsche Bank strenghtens trade finance in emerging markets

"Unmet demand for trade financing for SME"

16 August, 16:47
(ANSA) - TRIESTE - Deutsche Bank plans to strenghten its trade finance business in Africa, Latin America, the Middle East, Asia, and central and eastern Europe, Germany's largest bank said.

Deutsche Bank plans to hire up to 30 people for those locations and will invest "a middle two digit million euro figure" in information technology over the next three years, said Daniel Schmand, who heads the bank's trade finance division. According to Schmand, there is unmet demand for trade financing in particular for small and medium-sized companies.

"Germany is an export nation that needs strong financing competence", Schmand said.

Competitors in the market include Commerzbank, BNP Paribas, HSBC and Citigroup, he added. Deutsche Bank wants to gradually increase its market share in the business, which currently stands at a two-digit percent market share in Germany, Schmand said. (ANSA).

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