Deutsche Bank secures USD 100 million in capital allocation

Thursday 1 June 2023 13:36 CET | News

Vietnam-based Deutsche Bank has announced the raise of USD 100 million in capital allocation increase for its Ho Chi Minh City branch, for its development process. 

Following this announcement, the financial institution will leverage the funds to improve its development and expansion procedure, as well as to undertake more activities for its clients and customers. 

According to the press release, this raise adds to the total of the branch’s investment, bringing it up to more than USD 200 million. 

Vietnam-based Deutsche Bank has announced the raise of USD 100 million in capital allocation increase for its Ho Chi Minh City branch, for its development process.

Deutsche Bank’s strategy of development

The company offers its customers and clients a range of corporate and investment banking services, such as cash management, trade finance, advisory solutions, custody, and FX. Deutsche Bank had multiple partnerships and product launches in the last couple of months, covering multiple geographic areas. 

At the beginning of May 2023, the financial institution collaborated with Moss for providing instant transfers, new products, and German IBANs for all the users from Europe. The Deutsche Bank was also set to take over the payment transaction processing between the Moss platform and its clients. Moss offered a software solution for a holistic expense type of management, which included the digital recording and approval of invoices, budget, and liquidity management, as well as the process of settlement of employee expenses. 

Earlier in the same month, Deutsche Bank reached an agreement on the terms of a recommended all-cash offer for the acquisition of the Numis Corporation. The transaction was scheduled to be closed in the fourth quarter of 2023, being subject to certain circumstances such as shareholder approval and regulatory clearance. 

Following the acquirement, Numis stockholders were set to get 350% per share under the agreed-upon conditions, which valued the company at around GBP 410 million. 

Deutsche Bank announced in April 2023 its decision to close down its remaining software technology centres in St Petersburg and Moscow. Following this, the lender aimed to offer severance packages to 500 software specialists that were still employed in Moscow and St Petersburg, after they relocated 700 of them in 2022, to a new technology centre in Berlin. 

In February 2023, Deutsche Bank acquired a stake in DataMesh in order to accelerate the buildup and service offering of the financial institution’s merchant products across the Asia Pacific. At the time the press release was published, Deutsche Bank and DataMesh did not disclose any of the financial terms of the transaction. 

With DataMesh’s Unify payment orchestration layer and services, Deutsche Bank was given the possibility to operate with individual acquirers in different countries, which enabled merchants to accept payments through online methods within the individually regulated currency areas and zones. 

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Keywords: funding, investment, mobile banking, online banking, banking, digital banking
Categories: Banking & Fintech
Companies: Deutsche Bank
Countries: Vietnam
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