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Tag: Deutsche Bank

  • Deutsche Bank Wealth Management Hires Ex-DBS Duo

    Deutsche Bank Wealth Management Hires Ex-DBS Duo

    Deutsche Bank Wealth Management has hired two former executives from DBS Private Bank to bolster its South Asia business.  Shankar Jha joins the German private bank’s global South Asia (GSA) team in Singapore as a managing director and group head, according to a statement, reporting to global South Asia head Amrit Singh.

    Jha has over 20 years of private banking experience, most recently with DBS Private Bank where he spent six years, last as a senior director and team leader. Previously, he also worked for UBS Wealth Management and Citi Private Bank.

    Deutsche Bank Wealth Management also hired Sachin Thussu as a director and senior investment advisor.

    Based in Singapore, he will be part of the investment management team and report to head of investment management global GSA Ritesh Goenka.

    Thussu has over 20 years of experience across financial markets – most notably, FX and precious metals – and cross-asset advisory. Prior to joining Deutsche Bank, he worked for DBS Private Bank, Credit Suisse, Standard Chartered Private Bank and Citi covering private wealth and quasi institutional clients from London, Zurich and Singapore.

    Year-to-date, Deutsche Bank’s GSA unit has hired 14 relationship managers across Dubai, Geneva and Singapore.

    Notable additions include ex-Julius Baer bankers Dhananjay Rathore as a managing director and Rajasekar Ayyalu as a director based in India where four relationship managers have been hired thus far this year. Other newly hired directors include Richard Van-Dirmen, Hervé Alykhan Ladak, Randeep Singh and Harshin Shah.

    The GSA unit also added three investment advisors in Dubai and Singapore.

    At Deutsche Bank Wealth Management, we value the importance of the GSA market to the Bank’s Asia strategy, and will continue investing, said Singh in the statement.

  • Deutsche Expands Wealth Unit in Southeast Asia

    Deutsche Expands Wealth Unit in Southeast Asia

    Deutsche Bank continues to expand its wealth business in the region, particularly in southeast Asia where it hired a new investment management team head.

    Alania Concepcion joins Deutsche Bank Wealth Management as a director and investment management team head, according to a statement, reporting to managing director and head of Southeast Asia investment management Coo-Way Law.

    Based in Singapore, Concepcion will work closely with clients and relationship managers from the southeast Asia market which is headed by Shang-Wei Chow.

    Concepcion returns to Singapore after over four years running her own firm and pursuing ESG and fintech-related interests in Europe. Previously, she also worked for Credit Suisse, Barclays and Merrill Lynch.

    This year, Deutsche Bank Wealth Management has been rapidly expanding in the region with a flurry of new hires, particularly with a focus on southeast Asia.

    Last week, it reportedly hired former Pictet Singapore chief executive Domonique Jooris days after announcing the hire of ex-Credit Suisse southeast Asia trio Urs Brudermann, Shawn Ngoh and Pichaya Prawanmeet.

    To capture the opportunities in the fast-growing Southeast Asia region, we are focused to grow and develop our team, said Chow. The recent appointments in southeast Asia show our commitment to the business. We will continue to hire the best talent in the region to support our growth.

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  • Deutsche Bank Expands Wealth Unit with HSBC Trio

    Deutsche Bank Expands Wealth Unit with HSBC Trio

    Deutsche Bank has hired three former HSBC executives to join its wealth management arm in Southeast Asia. Terence Leong joins Deutsche Bank as group head for Southeast Asia, according to a statement, reporting to head of Southeast Asia wealth management Shang-Wei Chow.

    Leong joins from HSBC where he was most recently its ultra-high net worth market lead and Singapore-based desk head.

    He has 15 years of wealth management experience and previously also worked with UOB Private bank and DBS Treasures Private Client.

    Deutsche Bank has also hired 20-year veteran and ex-HSBC senior director Lynn Aw as team head alongside banker Derek Teo.

    Both Aw and Teo have been team members with Leong since UOB Private Bank, the statement added.

    Southeast Asia is a growing region and the fundamentals underpinning wealth creation remain positive, said Chow. We will continue to hire the best people in the industry to serve clients across the region, and to provide world-class services to which the bank has committed.

    The trio of hires follows several senior departures at Deutsche Bank’s wealth management unit this year.

    Last month, the German private bank lost ex-managing director and global co-head of advisory and investment solutions Wei Mei Tan who joined Singapore-based digital wealth platform Endowus as its chief advisory officer.

    And last week, we reported the reemergence of former Southeast Asia group head and 18-year Deutsche banker Malcolm Tay at Credit Suisse where he was named deputy market group head and market leader for Indonesia.

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  • Deutsche Bank Sets Up ESG Center in Singapore

    Deutsche Bank Sets Up ESG Center in Singapore

    Deutsche Bank has set up a Singapore-based center focused on developing environmental, social and governance-related solutions.

    Deutsche Bank’s center will focus on innovation in ESG and fintech to develop new products to address market gaps, according to a statement.

    In addition to internal activities, the center will also share global best practices with regulators and regional bodies in Asia, such as Asean and Asia Pacific Economic Cooperation.

    The center will house a sizeable team that will work across all business divisions, developing solutions across impact monitoring, data management and payments to unbanked communities.

    The transition of Asia towards sustainable practices requires ESG transaction models, products, solutions and regulatory measures which meet international standards while supporting on-the-ground realities in Asia, said Deutsche Bank’s APAC head of ESG Kamran Khan.

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  • Deutsche Bank Strikes a Deal on Bribery

    Deutsche Bank Strikes a Deal on Bribery

    Deutsche Bank will look to avoid U.S. charges of bribery and manipulation of precious metals markets by making a payment totaling nearly $125 million.

    Almost the entire payout relates to charges against the German lender over its dealings in Saudi Arabia, Abu Dhabi, China, and Italy, according to court papers, with a criminal fine making up two-thirds of the total sum, according to a court hearing in New York.

    Prosecutors claim that Deutsche Bank violated the federal Foreign Corrupt Practices Act (FCPA) which prohibits firms with U.S. operations from paying bribes elsewhere.

    Deutsche Bank engaged in a criminal scheme to conceal payments to so-called consultants worldwide who served as conduits for bribes to foreign officials and others to win and retain lucrative business projects said a statement from Acting U.S. Attorney Seth DuCharme in Brooklyn.

    According to prosecutors, Deutsche Bank allegedly disguised bribes as «referral fees» paid to «decision-makers» in Saudi Arabia and millions of dollars in consultancy fees to an intermediary for an Abu Dhabi official.

    The bank was also accused of making similar payments to a Chinese government entity to help establish a clean energy investment fund and a tax judge in Italy for referring wealthy clients.

    With regards to precious metals market manipulation, Deutsche Bank was accused of placing fraudulent trades to lure other stop buy and sell futures contracts at price levels they normally would not engage.

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  • Deutsche Bank Taps Singapore Fintech for Digital Assets POC

    Deutsche Bank Taps Singapore Fintech for Digital Assets POC

    The two sides will jointly explore a proof-of-concept (POC) using a grant under the Monetary Authority of Singapore’s Financial Sector Technology and Innovation (FSTI) scheme.

    Deutsche Bank Securities Services will work with Singapore-based blockchain development firm Hashstacs to explore the technological and practical feasibility of digital assets interoperability, liquidity, cross-border connectivity and smart contract templates.

    The POC will also explore the support of sustainability-themed digital bonds, according to a joint statement on Thursday,

    We see a clear place for an integrated platform that can service cross-border issuer-investor needs in Singapore and around the world, Jeslyn Tan, global head of product management, securities services at Deutsche Bank, said about the collaboration.

    Founded in 2019, Hashstacs previously partnered with Malaysia’s national stock exchange on a blockchain POC project for its bonds marketplace, and is working with EFG Bank to co-develop a blockchain platform that will enhance and simplify the processes of structured products.

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  • Deutsche Bank in Talks with Tata to Offload Tech Unit

    Deutsche Bank in Talks with Tata to Offload Tech Unit

    Deutsche Bank is reportedly in advanced talks to sell its technology services unit to India’s Tata Consultancy Services.

    Tata Consultancy Services – Asia’s biggest software exporter and the tech subsidiary of Indian conglomerate Tata group – could take over Deutsche Bank’s Postbank Systems, according to a «Bloomberg» report citing unnamed sources.

    There are expectations for a deal to materialize by year-end though negations are ongoing and no conclusions have been made.

    If successful, Tata Consultancy would onboard Postbank System’s 1,400 employees while Deutsche Bank would come closer to its restructuring target to reduce 18,000 jobs.

    The Bonn-based technology unit generated revenue of 533 million euros ($629 million) in 2015, the latest annual figures available.

    Bottom lines aside, the bank is currently focused on importing Postbank’s operational capabilities by merging with its technology in a move that would render Postbank System’s obsolete by 2021-end and shed 1 billion euros ($1.18 billion) of operational costs, the report added.

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  • Deutsche Bank Names Vietnam Country Chief

    Deutsche Bank Names Vietnam Country Chief

    He joins from Maritime Bank, a Vietnamese bank where he was CEO for four years before taking up its deputy chairman position earlier this year.

    Deutsche Bank has appointed seasoned banker Huynh Buu Quang to lead the bank’s expansion of its franchise in Vietnam, pending State Bank of Vietnam approval.

    As chief country officer Vietnam, Huang will be based in Ho Chi Minh City. He brings more than 25 years of experience in corporate banking, and has held local and regional leadership roles in Vietnam, Singapore, Hong Kong and Indonesia, across multiple banking functions spanning trade finance and credit risk management.

    Alexander von zur Muehlen, Deutsche Bank’s Asia Pacific CEO called Vietnam «a key growth market» for the bank in ASEAN, in a statement announcing the move.

    Deutsche Bank has operated in the country since 1992. Since 2017, the bank has raised more than $1 billion in debt, loan and equity capital annually for Vietnamese corporates.

    Earlier this year, Deutsche Bank announced that it would increase its investment in Vietnam, with the recently ratified EU-Vietnam Free Trade Agreement expected to boost trade flows.

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  • Deutsche Bank’s New Asia Chief Picks Singapore

    Deutsche Bank’s New Asia Chief Picks Singapore

    With the move, Deutsche Bank joins rivals UBS and Credit Suisse in having their Asia chief executives based in the city-state. Deutsche Bank’s incoming Asia chief executive officer, Alexander von zur Mühlen, will be relocating to Singapore for his new role – not Hong Kong, where his predecessor sits.

    We remain committed to our dual-hub structure in Asia Pacific, a Hong Kong-based spokesperson said about the decision. The bank previously had a regional chief based in Singapore – from 2012 to 2016, Asia co-chair Gunit Chadha was based in the city-state, while his counterpart Alan Cloete sat in Hong Kong.

    Deutsche Bank’s operations in Singapore focus on commercial banking and fixed income services, while its wealth management, corporate finance and asset management desks are larger in Hong Kong. In 2019, the bank said it would be shuttering its equities sales and trading globally as part of its overall revamp.

    Von zur Mühlen, who joined Deutsche Bank in 1998, is set to take charge of the firm’s Asia Pacific business when Werner Steinmüller retires from the Management Board on July 31, after three decades at the German lender.

    Before being named Asia chief executive, he was appointed DB’s global head of group strategy, based in Frankfurt, in 2018, one year after being named co-head of global capital markets.

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  • Deutsche Bank Split Staff Upon Coronavirus Incident

    Deutsche Bank Split Staff Upon Coronavirus Incident

    Deutsche Bank has split up sales and trading teams in Frankfurt after an employee tested positive for the coronavirus, following moves by other global banks which have separated their workforces into different teams.

    The lender intends to divide sales and trading teams into different locations at that office and at a recovery site until 27 March as a precaution, according to the bank’s memo. Some employees may also be asked to work from home.

    All employees who have had contact with the affected colleague were informed directly, and we will undertake deep cleaning on floors N1 and N2 and other areas in DBC. We expect no impact on our ability to operate our full range of services for our clients and recognize that this setup will require extra effort and discipline from all,» Deutsche Bank wrote in its memo.

    The firm added that employees working remotely won’t be allowed at offices where they are not assigned and that staff should avoid meeting socially with any colleagues stationed elsewhere. It is also planning to take other «precautionary hygiene measures. At hubs around the world, global banks have begun separating their workforces into different teams so as to limit the potential that an outbreak disrupts operations key to financial markets. At Credit Suisse and UBS, bankers who return from affected regions such as China, South Korea, Singapore or Northern Italy are confined to working from home for two weeks. Most banks have told staff to reduce their travel to the bare minimum.

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  • Deutsche Bank Appoints Discretionary Wealth Head

    Deutsche Bank Appoints Discretionary Wealth Head

    She takes over from Tuan Huynh, who was appointed Deutsche Bank’s Chief Investment Officer, Europe, several months ago.

    The wealth management division of Deutsche Bank has appointed Siok Kuan Tham as head of Wealth Discretionary (WD) for Emerging Markets, it announced in a statement on Thursday.

    Based in Singapore, Tham will report globally to Gregor Hirt, global head Wealth Discretionary, and locally to Lavanya Chari, global head of Global Products & Solutions (GPS).

    Tham has extensive experience in portfolio and fund management. She was most recently head of Fixed Income at DWS, Deutsche Bank’s asset management arm, based in Singapore, where she also chaired the Asian Fixed Income Portfolio Construction Committee.

    Tham’s hire comes as the German lender aims to expand its footprint in the region. Last week, Deutsche Bank Wealth Management announced that it is hiring Boris Kwok as Group Head, North Asia, with a focus in China.

    Along with Kwok, it brought in 20 other talented front-facing wealth management professionals, six of whom are directors, as part of the firm’s expansion strategy in North Asia to increase the number of relationship managers by 40-50 percent in three years.

  • Deutsche Bank Hires Tech Duo in India

    Deutsche Bank Hires Tech Duo in India

    Deutsche Bank hires a duo in India focused on overseeing and enhancing the bank’s technology, data and innovation capabilities.

    Dilip Khandelwal joins as the bank’s managing director and head of technology centers. In his Pune-based role, he will oversee the bank’s tech centers globally to create «one, consistent strategy». In addition, Khandelwal was also named as the bank’s APAC head of technology, data and innovation as well as chief information officer for human resources, legal and communications.

    The bank also appointed Gil Perez as managing director and head of strategy and innovation. According to an announcement, Perez will oversee innovation strategy, thought leadership and technology innovation partnerships to match the bank’s needs with relevant third party tech solutions.

    Khandelwal and Perez both join from software provider SAP where they’ve had experience with undergoing various forms of tech transformation. Khandelwal led a large scale transformation to accelerate client adoption of cloud services at SAP while Perez spent 8 years with former employer where he guided enterprise companies with their respective digital transformation journeys.

    The opportunity to transform technology at a global company like Deutsche Bank is a unique challenge for talented and ambitious technologists, said Bernd Leukert, head of technology, data and innovation at Deutsche Bank.

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  • Deutsche Bank Hires Head of China Onshore Wealth Management

    Deutsche Bank Hires Head of China Onshore Wealth Management

    Deutsche Bank’s recruitment drive for the private bank in Asia persists, this time with the hire of a new head of onshore wealth management in China.

    Jeffrey Yen Chieh Peng joins the bank as managing director and head of China onshore wealth management, effective today. According to the bank’s announcement, Peng will oversee and strengthen the onshore platform, develop and execute long-term expansion strategies and advise on the overall Greater China business.

    In his new Shanghai-based role, Peng report to Kanas Chan, head of North Asia wealth management; Feng Gao, chairman of Deutsche Bank (China) Co., Ltd. and China chief country officer of Deutsche Bank; and Rose Zhu, president of Deutsche Bank (China) Co., Ltd.

    Prior to joining Deutsche Bank, Peng was most recently with Bank of Singapore where he was a managing director and head of strategic alliance and «IAM Excellence Center» for Greater China and North Asia. Previously, Peng also spent 11 years with UBS where he was last an executive director and head of wealth management investment products and services in China.

    Despite cost-cutting pressures, the bank has stayed in line with its commitment to focus on wealth management, especially in high growth markets like Asia. And within the region, the bank’s recent moves signal its focus on major markets: China and India.

    The bank’s persistent hiring drive recently included the addition of three ex-Julius Baer bankers covering the non-resident Indian segment. And on China, the bank not only notes the still rapidly growing wealth from the segment but an increasingly business-friendly onshore environment.

    We see opportunities in onshore China markets as the high-net-worth client segment grows exponentially, while the environment grows increasingly business-friendly and promising, said Deutsche Bank’s Kansas Chan.

    Peng’s hire is to support our Global China Strategy, investing in and strengthening our onshore and offshore China platform.

  • Deutsche Bank Hires Asia Fixed Income Head

    Deutsche Bank Hires Asia Fixed Income Head

    The German lender’s latest recruit from J. Safra Sarasin is the latest in a series of hires as it looks to grow in the region. Deutsche Bank has hired Eric Leung to lead its Asia fixed income team in its Wealth Management division. The news was confirmed by a representative of the bank, who said he started on Wednesday.

    Leung joins from global pure-play private bank J. Safra Sarasin, where he worked for over a decade, most recently as Executive Director and Head of Fixed Income Asia. Prior to that, he worked at HSBC Private Bank.

    He will be based in Hong Kong, reporting to Akshay Prasad, managing director, head of capital markets, Wealth Management.

    Under Lok Yim, the bank’s head of Asia, Middle East and Africa, Deutsche Bank WM has set its sights on Asia’s rich, bolstering its ranks to grow its business, particularly in North Asia.

    In an interview with Reuters in 2018, he said Deutsche Bank is focusing on ultra high net worth clients in the region, those with more than $25 million, and the top end of the $5-$25 million high net worth bracket.

    Deutsche has some $230 billion in assets under management (AUM), $56 billion of which is in Asia, according to Hong Kong-based Asian Private Banker.

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  • Deutsche Bank Appoints Head of Thailand

    Deutsche Bank Appoints Head of Thailand

    The German lender hires a new head from Siam Commercial Bank to fill the position left vacant since 2018. Deutsche Bank (DB) will get a new head for its Thailand operations in May, with the appointment of Pimolpa Suntichok as chief country officer and head of the financing and solutions group for Thailand, according to people close to the matter.

    Suntichok fills a position left by Phumchai Kambhato, who left the bank in 2018. She will report to Werner Steinmueller in her country management capacity and to Sreenivasan Iyer for her FSG responsibilities.

    Suntichok was previously the Senior Executive Vice President serving as the Head of Commercial Banking Solutions at Siam Commericial Bank, Thailand’s largest commercial bank. She brings over 20 years of experience in banking, having worked at Bangkok Bank, Jardine Fleming Thanakom Securities, Fitch Ratings (Thailand), and Standard Chartered Bank (Thailand). She joined SCB in 2008 to lead the structured finance practice for the Capital Markets Division and became the Head of Corporate Segment in 2015 and the Head of MultiCorporate Segment in 2016, according to SCB’s website.

    Future Uncertainty 

    Deutsche Bank in recent months has seen a raft of departures in Asia, including Southeast Asia Vice Chairman Philip Lee, Jakarta-based managing director Kunardy Lie, and North Asia COO

    Katherine Lai.

    DB, on its third CEO in four years, has in recent years scaled down its Asian operations as its focus has shifted towards Europe amid difficulties in the region. However, Thailand remains an important market for DB in Asia-Pacific, with the bank having a 40-year history in the country.

    The bank is currently in the midst of merger discussions with Commerzbank, which has cast uncertainty over Deutsche’s general strategy for the future.

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