Allianz subsidiary Dresdner Bank has opened its first Monaco location, making it the only German bank with a presence in the principality and marking the start of an aggressive global expansion strategy.
Explaining the move, Andreas Georgi, member of Dresdner Bank’s board, said he believes Monaco is a financial center offering ideal conditions from which Dresdner Bank’s advisory services for wealthy private clients can service the entire Mediterranean region.
Monaco is already an attractive financial center. The principality’s ability to attract the wealthy population in the entire Mediterranean region, soaring economic growth and excellent infrastructure make it ideally suited as a location for our international private wealth management concept, Mr Georgi commented.
With the opening of the new facility Dresdner Bank now has a 14-member international advisory team in Monaco, which will serve clients from the principality and the Mediterranean region.
In addition to portfolio management, the bank’s services include family office solutions (such as asset and investment reporting), financial and succession planning, as well as lending.
The new Monaco location is part of Dresdner Bank’s private wealth management expansion strategy. The bank is currently increasing the number of its locations providing advisory services to wealthy private clients in Germany from 15 to 22. Additionally, the bank is strengthening its presence this year in the UK, Dubai and Singapore in particular.