DUBAI (Reuters) - The Dubai government agency that bought into Deutsche Bank (DBKGn.DE: Quote, Profile, Research) this year said it could invest in U.S. banks, property and other sectors after the dust settles on a mortgage crisis that has cut asset prices.
Banks that have reported losses from defaults on subprime, or high-risk mortgages, could be among the targets for DIFC Investments, which is helping drive Dubai's push to build two of the world's 10 largest financial institutions in eight years.
"There are good opportunities and the prices are good, but is this the bottom or is there more downturn to come?" Omar bin Sulaiman, governor of the Dubai International Financial Centre (DIFC), told Reuters on Monday.
Asked whether the targets could include firms such Citigroup (C.N: Quote, Profile, Research) and Merrill Lynch (MER.N: Quote, Profile, Research), bin Sulaiman said: "Without mentioning names we have a track record of taking stakes in major banks, with the right partners for management."
Citigroup, the largest U.S bank, and Merrill Lynch, the world's largest brokerage, replaced their chief executives after reporting credit market losses of at least $21 billion between them.
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