Deutsche Bank International Private Bank (IPB), a unit of Deutsche Bank, has enhanced its presence in African wealth management market by opening a new representative office in South Africa.

The new location, which is a representative office of Deutsche Bank (Switzerland), has also secured a financial services provider (FSP) licence from the Financial Sector Conduct Authority of South Africa (FSCA).

The launch of the new office is part of the bank plans to expand its market share among the ultra and high net worth individuals, and entrepreneurs across the continent.

IPB head of EMEA Marco Pagliara said: “Middle East & Africa has been contributing strongly to the growth of Deutsche Bank wealth management’s franchise.

“The representative office and the South Africa team offer vast experience in wealth management, investment products, with a successful track record of servicing clients in the region.”

The IPB Africa team in Zurich, Switzerland will book the firm’s South Africa-based wealth management clients.

IPB Africa head Paul Sayers said: “With this new commitment, clients in South Africa will benefit from the bank’s wealth management investment platform and offering, which covers the entire range from cash management and traditional portfolio management, to complex structuring and alternative asset classes.”

The latest development follows a Bloomberg report that stated that Deutsche Bank would increase its headcount and pour capital into Latin America amid expectations to earn profits in the region.