GERMANY - Deutsche Bank is planning a three-step escalation of its business in Russia in a development that looks set to take them into the country's pensions market.
Speaking in Germany's Handelsblatt newspaper, management board member Telsen von Heyderbreck (pictured) said the company had applied for licenses for four DWS investment funds which they hoped to have up and running by the end of the year.
In the medium term, he said, the move into pensions lookedattractive. In November 2003 the company opened its private wealth management business in Moscow. It also owns a 40% stake in the Russian financial services group UFG.
Until now we've focused on corporate clients, said a Deutsche Bank representative. The move into wealth management came about because of our links with Russian companies, whose owners were potential customers. That has started well.
The second step will be towards the end of 2004 when we start with the investments funds. The third step will be the move into the pensions business, though we can't say exactly when that will be yet. It will be a medium-term move. We see big growth potential for the business in Russia, and step by step we're looking for more engagement.
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