Dresdner Bank has opened for business in Monaco with a 14-member international advisory team which will serve wealthy private clients from t...

Dresdner Bank has opened for business in Monaco with a 14-member international advisory team which will serve wealthy private clients from the principality and the Mediterranean region. It will be the only German bank operating in Monaco. "Monaco is already an attractive financial centre. 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," said Andreas Georgi, member of Dresdner Bank’s board of managing directors at the opening ceremony. In addition to portfolio management, the bank will offer family office solutions, financial and succession planning, as well as lending. The opening of the new Monaco branch is part of Dresdner Bank’s private wealth management expansion strategy. It is currently increasing the number of its locations providing advisory services to high net worth individuals in Germany from 15 to 22. Separately, Dresdner has disclosed that it may set up a retail banking network in China and India to tap expected growth in the countries, but has not yet made a decision on a move. "We have to hop on the train early not to repeat what the German banks have experienced in eastern Europe, where prices rose strongly and it became very expensive and difficult to enter these markets later on," Dresdner Bank chief executive Herbert Walter told journalists at a briefing in Singapore last week.