German financial institution Deutsche Bank has announced an additional capital allocation of $100m for its Ho Chi Minh City branch in Vietnam.
With the new investment, Deutsche Bank’s capital allocation in Vietnam has reached a total of over $200m.
According to the investment banking company, the increased capital will support its growth in the Southeast Asian country and enable it to undertake more operations for its customers.
Deutsche Bank forayed into Vietnam in 1992.
The German banking group offers a portfolio of corporate and investment banking solutions to multinational firms, large local corporates, and financial institutions in the country.
Its services include trade finance, corporate finance, cash management, foreign exchange (FX), custody, and advisory solutions.
Deutsche Bank Asia Pacific CEO and management board member Alexander von zur Muehlen said: “Vietnam is an increasingly strategic market for our clients and therefore an important part of our regional platform.
“We are proud of the strong local business we have built so far over our decades of experience in this fast-growing market. We look forward to continuing to expand our business here alongside our clients over the years to come.”
Deutsche Bank said it has raised over $1bn in debt, loan, and equity capital annually for Vietnamese corporates since 2017.
Deutsche Bank Vietnam chief country officer Huynh Buu Quang said: “This important investment will further reinforce our broad capabilities and enable us to do even more for our clients. We are very well placed to achieve our long-term goal of becoming the leading foreign bank in Vietnam.”
In April 2023, Deutsche Bank agreed to acquire UK corporate broking and advisory house Numis in an all-cash deal that values the latter at £410m.
As per the terms of the acquisition, the investment banking company would pay a total of 350p per share to Numis shareholders. Post-acquisition, Deutsche Bank expects to combine its existing UK and Ireland corporate finance business with Numis.