Deutsche Bank is planning a broader consolidation of its vast network of Italian and Spanish retail branches in favour of a smaller number of flagship locations catering to richer clients.
The lender is moving away from covering the needs of all retail clients in those countries to instead focus on serving those with enough money to invest and who want more sophisticated investments and loans, said Claudio de Sanctis, who oversees Deutsche Bank’s retail business outside Germany. The restructuring is starting in Spain, followed by Italy and eventually Belgium, with plans to service affluent clients in the rest of Europe mainly through digital banking services.
“It is a fantastic funnel” for the bank’s wealth management, Mr de Sanctis said in an interview in his office in Zurich. If “you have the strategy of doing affluent, you end up doing a massive amount of high net worth and ultra high net worth”.
The retail operations in the two Mediterranean countries, where Deutsche Bank used to have almost 700 branches combined, have long been a headache because of the cost of running a physical network for a traditionally low-margin business, particularly with interest rates depressed. Mr De Sanctis, who joined Deutsche Bank in 2018 from Credit Suisse Group and also oversees its wealth management business, has vowed to grow revenue at his unit by about 10 per cent by the end of next year, while taking out €300 million in costs.
To get there, he’s also taking a page from his former employer. A second prong of his turnaround strategy is to increase co-operation between his wealth management staff and bankers for family-owned companies, in an effort to win mandates from wealthy business owners to also manage their personal assets. The strategy, labelled Bank for Entrepreneurs, is already in place in Italy, being rolled out in Spain, and the bank plans to target Belgium next.
“Particularly in Europe, these family entrepreneurs don’t really separate in their mind private and the company,” he said. “It’s just one picture.”
The firm also plans to trim its offerings for people who have less money to invest than millionaires or even billionaires and who are unable to generate the kinds of profit margins a wealth manager would like to see on certain products. Many just need a few specific services such as an asset allocation strategy, mortgages, or Lombard loans, he said.
Deutsche Bank’s retail operations in Belgium, India, Italy and Spain were added to Mr de Sanctis’s responsibilities last year. He now leads a division known as International Private Bank that comprises the bank’s entire wealth management business globally as well as the retail operations outside of Germany. The addition almost doubled the quarterly revenue overseen by Mr de Sanctis to roughly €750m, which has increased to about €800m per quarter in 2021.
Deutsche Bank still has 158 branches in Spain, down from 170 branches. In Italy it has already reduced its branches to 266 from 500, after branches were closed in the last three years and the sale of its Italian network of financial advisers to Zurich Insurance Group as part of Mr de Sanctis’ effort to focus the business.
The new strategy in Italy has resulted in significant hiring of client-facing staff. The lender has recruited 22 staff to look after the lender’s ultra-high net worth clients.
It unsuccessfully tried to sell the units in Spain and India a few years ago but abandoned the plans over lack of interest among buyers, Bloomberg has reported. India remains a “long-term optionality” given its status as the second-most populous country in the world, Mr de Sanctis said.
23-man shortlist for next six Hall of Fame inductees
Tony Adams, David Beckham, Dennis Bergkamp, Sol Campbell, Eric Cantona, Andrew Cole, Ashley Cole, Didier Drogba, Les Ferdinand, Rio Ferdinand, Robbie Fowler, Steven Gerrard, Roy Keane, Frank Lampard, Matt Le Tissier, Michael Owen, Peter Schmeichel, Paul Scholes, John Terry, Robin van Persie, Nemanja Vidic, Patrick Viera, Ian Wright.
'Downton Abbey: A New Era'
Director: Simon Curtis
Cast: Hugh Bonneville, Elizabeth McGovern, Maggie Smith, Michelle Dockery, Laura Carmichael, Jim Carter and Phyllis Logan
Rating: 4/5
Western Clubs Champions League:
- Friday, Sep 8 - Abu Dhabi Harlequins v Bahrain
- Friday, Sep 15 – Kandy v Abu Dhabi Harlequins
- Friday, Sep 22 – Kandy v Bahrain
Sole survivors
- Cecelia Crocker was on board Northwest Airlines Flight 255 in 1987 when it crashed in Detroit, killing 154 people, including her parents and brother. The plane had hit a light pole on take off
- George Lamson Jr, from Minnesota, was on a Galaxy Airlines flight that crashed in Reno in 1985, killing 68 people. His entire seat was launched out of the plane
- Bahia Bakari, then 12, survived when a Yemenia Airways flight crashed near the Comoros in 2009, killing 152. She was found clinging to wreckage after floating in the ocean for 13 hours.
- Jim Polehinke was the co-pilot and sole survivor of a 2006 Comair flight that crashed in Lexington, Kentucky, killing 49.
Opening day UAE Premiership fixtures, Friday, September 22:
- Dubai Sports City Eagles v Dubai Exiles
- Dubai Hurricanes v Abu Dhabi Saracens
- Jebel Ali Dragons v Abu Dhabi Harlequins
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Global state-owned investor ranking by size
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1.
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United States
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2.
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China
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3.
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UAE
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4.
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Japan
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5
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Norway
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6.
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Canada
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7.
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Singapore
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8.
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Australia
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9.
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Saudi Arabia
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South Korea
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The Melbourne Mercer Global Pension Index
The Melbourne Mercer Global Pension Index
Mazen Abukhater, principal and actuary at global consultancy Mercer, Middle East, says the company’s Melbourne Mercer Global Pension Index - which benchmarks 34 pension schemes across the globe to assess their adequacy, sustainability and integrity - included Saudi Arabia for the first time this year to offer a glimpse into the region.
The index highlighted fundamental issues for all 34 countries, such as a rapid ageing population and a low growth / low interest environment putting pressure on expected returns. It also highlighted the increasing popularity around the world of defined contribution schemes.
“Average life expectancy has been increasing by about three years every 10 years. Someone born in 1947 is expected to live until 85 whereas someone born in 2007 is expected to live to 103,” Mr Abukhater told the Mena Pensions Conference.
“Are our systems equipped to handle these kind of life expectancies in the future? If so many people retire at 60, they are going to be in retirement for 43 years – so we need to adapt our retirement age to our changing life expectancy.”
Saudi Arabia came in the middle of Mercer’s ranking with a score of 58.9. The report said the country's index could be raised by improving the minimum level of support for the poorest aged individuals and increasing the labour force participation rate at older ages as life expectancies rise.
Mr Abukhater said the challenges of an ageing population, increased life expectancy and some individuals relying solely on their government for financial support in their retirement years will put the system under strain.
“To relieve that pressure, governments need to consider whether it is time to switch to a defined contribution scheme so that individuals can supplement their own future with the help of government support,” he said.
UAE currency: the story behind the money in your pockets
UAE currency: the story behind the money in your pockets
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Teachers' pay - what you need to know
Pay varies significantly depending on the school, its rating and the curriculum. Here's a rough guide as of January 2021:
- top end schools tend to pay Dh16,000-17,000 a month - plus a monthly housing allowance of up to Dh6,000. These tend to be British curriculum schools rated 'outstanding' or 'very good', followed by American schools
- average salary across curriculums and skill levels is about Dh10,000, recruiters say
- it is becoming more common for schools to provide accommodation, sometimes in an apartment block with other teachers, rather than hand teachers a cash housing allowance
- some strong performing schools have cut back on salaries since the pandemic began, sometimes offering Dh16,000 including the housing allowance, which reflects the slump in rental costs, and sheer demand for jobs
- maths and science teachers are most in demand and some schools will pay up to Dh3,000 more than other teachers in recognition of their technical skills
- at the other end of the market, teachers in some Indian schools, where fees are lower and competition among applicants is intense, can be paid as low as Dh3,000 per month
- in Indian schools, it has also become common for teachers to share residential accommodation, living in a block with colleagues
What She Ate: Six Remarkable Women & the Food That Tells Their Stories
Laura Shapiro
Fourth Estate
Gothia Cup 2025
4,872 matches
1,942 teams
116 pitches
76 nations
26 UAE teams
15 Lebanese teams
2 Kuwaiti teams
Which honey takes your fancy?
Al Ghaf Honey
The Al Ghaf tree is a local desert tree which bears the harsh summers with drought and high temperatures. From the rich flowers, bees that pollinate this tree can produce delicious red colour honey in June and July each year
Sidr Honey
The Sidr tree is an evergreen tree with long and strong forked branches. The blossom from this tree is called Yabyab, which provides rich food for bees to produce honey in October and November. This honey is the most expensive, but tastiest
Samar Honey
The Samar tree trunk, leaves and blossom contains Barm which is the secret of healing. You can enjoy the best types of honey from this tree every year in May and June. It is an historical witness to the life of the Emirati nation which represents the harsh desert and mountain environments
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The 12 Syrian entities delisted by UK
Ministry of Interior
Ministry of Defence
General Intelligence Directorate
Air Force Intelligence Agency
Political Security Directorate
Syrian National Security Bureau
Military Intelligence Directorate
Army Supply Bureau
General Organisation of Radio and TV
Al Watan newspaper
Cham Press TV
Sama TV
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ELIO
Starring: Yonas Kibreab, Zoe Saldana, Brad Garrett
Directors: Madeline Sharafian, Domee Shi, Adrian Molina
Rating: 4/5
Key facilities
- Olympic-size swimming pool with a split bulkhead for multi-use configurations, including water polo and 50m/25m training lanes
- Premier League-standard football pitch
- 400m Olympic running track
- NBA-spec basketball court with auditorium
- 600-seat auditorium
- Spaces for historical and cultural exploration
- An elevated football field that doubles as a helipad
- Specialist robotics and science laboratories
- AR and VR-enabled learning centres
- Disruption Lab and Research Centre for developing entrepreneurial skills
