German bank Deutsche Wealth Management has launched a service to offer regulated mortgages to its UK private banking clients.
This will be available to clients wanting to borrow upwards of £3 million for property purchase.
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The offering will initially be specific to property purchases in the UK, but will be extended to nine other jurisdictions, such as France, Italy and Spain.
Deutsche will offer large mortgages without requiring clients to already have assets under the bank’s management.
Deutsche Bank UK footprint
Deutsche Bank points a number of notable recent hires to its London office in tandem with this launch as affirmation of building up its mortgage lending capabilities in the UK.
The hires include Saydam Salaheddin as head of real estate for Europe, from Credit Suisse, and James Lockyer as head of UK regulated mortgages from Kleinwort Hambros.
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By GlobalDataDeutsche Bank declares the move its “latest step” in “extending its market-leading European footprint in the UK.”
Deutsche Bank was recently in talks with Commerzbank about a potential merger, but these stalled when both parties agreed that the deal did not provide sufficient value.
There have been subsequent rumours that talks with other suitors for Deutsche are ongoing, amongst them being UBS.
Deutsche Bank UK lending solutions
Michael Morley, head of Deutsche Bank Wealth Management in the UK, deems the offering a “game-changer.”
“Our sophisticated clients are increasingly coming to us looking for higher value borrowing for principal private residences, high value buy-to-let properties and commercial buildings here,” Morley continues.
“We’ll now be able to meet the full spectrum of their needs in the UK, putting our deep international experience and investment banking capabilities to work on their behalf.”
Deutsche Bank’s global head of lending and deposits, Balaji Prasanna, adds: “Our strength in providing lending and liquidity solutions is a key differentiator for our business and I am confident that this decisive step into real-estate lending will give us another significant way to engage with our clients and provide market-leading solutions that few competitors can match.”
