Deutsche Bank to Open Ghana Office as Part of African Expansion

Deutsche Bank AG (DBK), continental Europe’s biggest bank, plans to open a sales office in Ghana as part of its African expansion.

“Deutsche Bank is now looking at its African strategy and questions around how to include countries like Kenya,” Charles Weller, the bank’s Nigeria country head, said in an interview at the World Economic Forum in Cape Town yesterday. Ghana “could possibly dovetail into the Nigerian operations,” he said.

Deutsche Bank is focusing on international payments and trade finance in West Africa, Weller said, adding that the Frankfurt-based lender is also considering asset management and wealth management in Nigeria.

Deutsche Bank, which has an office in Johannesburg, is joining lenders, including Barclays Plc (BARC) and Citigroup Inc., in building a presence in Africa as the continent of one billion people reports economic growth rates of more than 5 percent.

To contact the reporter on this story: Renee Bonorchis in Johannesburg at rbonorchis@bloomberg.net

To contact the editor responsible for this story: Dale Crofts at dcrofts@bloomberg.net

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