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  • Deutsche Bank Pioneers as First European Institution to Secure Renminbi Clearing License

    Deutsche Bank Pioneers as First European Institution to Secure Renminbi Clearing License

    The city of Frankfurt has just received a significant boost as a financial hub. Deutsche Bank, a prominent financial institution based in Frankfurt, has successfully become the first European bank appointed to serve as a renminbi clearing bank by the People’s Bank of China. This news was confirmed through an official statement on Monday.

    The provision of clearing services in Frankfurt will offer financial establishments and firms a direct, fast channel for processing, clearing, and settling cross-border transactions involving the renminbi. This move is anticipated to reinforce the financial ties between Europe and China.

    Deutsche Bank’s Role as a Clearing Bank

    Alexander von zur Mühlen, CEO for Asia Pacific, Europe, Middle East & Africa and Germany at Deutsche Bank, weighed in on the matter. He believes that their new role as a renminbi clearing partner in Europe deepens Deutsche Bank’s position as a globally recognized clearing bank. This commitment also reaffirms the bank’s long-standing dedication to the internationalization of the renminbi. Mühlen is optimistic that this development will bolster the financial connectivity between China and Europe. This will help Deutsche Bank to better serve its clients’ cross-border trade and investment activities.

    Even though renminbi clearing services were accessible in Europe prior to this, they were only offered through branches of Chinese banks.

    Renminbi Hub: A Shift from Competition to Normalcy

    Over a decade ago, the concept of establishing a renminbi hub in Europe was a contentious issue that incited competition among Europe’s financial centers. In Switzerland, the establishment of a renminbi hub emerged as a crucial prestige project for the nation’s banking industry.

    China Construction Bank (CCB) earned a banking license from the Swiss Financial Market Supervisory Authority in October 2015. When CCB’s Zurich branch launched in January 2016, it was attended by several notable representatives from the Swiss financial center and public authorities. Since then, CCB has been in charge of renminbi clearing in Switzerland.

    As of January 2021, CCB had processed transactions totalling nearly 600 billion francs. A total of 13 Swiss partner banks were reported to be participating in the hub. Currently, Zurich represents a key center within the offshore renminbi ecosystem.

    It remains unclear if a Swiss bank will pursue clearing status, however, UBS and Zürcher Kantonalbank could potentially be the only viable candidates.

    Questions & Answers

    What is the significance of Deutsche Bank’s new role as a renminbi clearing bank?
    This development strengthens Deutsche Bank’s position as a globally recognized clearing bank. It will enhance financial connectivity between China and Europe.

    What is the history of renminbi clearing in Europe?
    Renminbi clearing services were available in Europe previously, but only through branches of Chinese banks.

    What is the status of the renminbi hub in Switzerland?
    Currently, Zurich represents a key center within the offshore renminbi ecosystem, with China Construction Bank handling renminbi clearing in Switzerland since 2016.

  • Deutsche Bank Boosts Thailand Operations with Ex-Julius Baer Exec Appointment

    Deutsche Bank Boosts Thailand Operations with Ex-Julius Baer Exec Appointment

    Deutsche Bank Private Bank has appointed a former executive from Julius Baer’s onshore Thailand joint venture to their private wealth team. Penluck Sriboonruang has taken the post of vice president on the Thailand team, now based in Singapore and reporting directly to Paul Handley, the Southeast Asia market head.

    Professional Experience

    Sriboonruang brings with her a vast amount of experience, having worked for over seven years in the field. Her previous roles include being a senior private banker at the Thailand joint venture SCB-Julius Baer, as well as a team leader at the Bangkok-based Siam Commercial Bank.

    A representative for Deutsche Bank Private Bank has confirmed the details of Sriboonruang’s appointment.

    Questions & Answers

    Who has Deutsche Bank Private Bank appointed to their private wealth unit?
    Deutsche Bank Private Bank has appointed Penluck Sriboonruang to their private wealth unit.

    What is Penluck Sriboonruang’s role in Deutsche Bank?
    Penluck Sriboonruang has been appointed as the vice president in the Thailand team at Deutsche Bank Private Bank.

    What is her professional background?
    Penluck Sriboonruang has over seven years of combined experience at Thailand joint venture SCB-Julius Baer, where she was a senior private banker, and Bangkok-based Siam Commercial Bank, where she was a team leader.

  • Deutsche Bank Appoints Hsbc Veteran Cora Chiu As Head Of Investment Management, North Asia

    Deutsche Bank Appoints Hsbc Veteran Cora Chiu As Head Of Investment Management, North Asia

    Deutsche Bank Private Bank has recently welcomed an experienced HSBC FX specialist to its team. Cora Chiu has been designated as the Head of Investment Management, North Asia, a development that came into effect on December 16 and is pending regulatory approval. Chiu’s role will be to lead investment sales operations for the North Asia region, while also managing local supervisory functions over FX advisory and wealth planning resources. She will be stationed in Hong Kong, reporting to both Gian-Maria Piccolo and Fred Fong locally.

    Chiu brings with her a wealth of experience, spanning nearly two decades in various sectors including FX and commodity advisory, multi-asset trading, and product strategy. Her most recent role was as the Head of FX & Commodities, North Asia at HSBC. Chiu has a rich history of working at esteemed organizations like Citi, where she was instrumental in shaping the regional FX strategy for ultra-high net worth clients and family offices. She also has experience working at UBS, where she contributed to their wealth management and FICC (fixed income, currencies and commodities) divisions.

    Chiu will be taking over from Cedric Ko, who has chosen to explore new opportunities outside the bank. A representative from the bank confirmed the details of the internal memo.

    Questions & Answers

    Who is Cora Chiu?
    Cora Chiu is an experienced professional with nearly 20 years of experience across various sectors such as FX and commodity advisory, multi-asset trading, and product strategy. She has worked for prominent financial institutions like HSBC, Citi, and UBS.

    What is Cora Chiu’s new role at Deutsche Bank Private Bank?
    Cora Chiu has been appointed as the Head of Investment Management, North Asia at Deutsche Bank Private Bank. Her responsibilities will include leading investment sales operations for the North Asia region, and supervising FX advisory and wealth planning resources.

    Who did Cora Chiu succeed at Deutsche Bank Private Bank?
    Cora Chiu succeeded Cedric Ko in the role of Head of Investment Management, North Asia. Ko has decided to pursue new opportunities outside of the bank.

  • Deutsche Bank: Bitcoin May Become Key Central Bank Reserve

    Deutsche Bank: Bitcoin May Become Key Central Bank Reserve

    The global inclination towards safe assets is anticipated to stimulate increased demand for both gold and bitcoin as primary reserves for central banks by the year 2030.

    Gold and Bitcoin: Safe Haven Assets

    Gold has a long-standing reputation as a safe haven asset; however, Bitcoin could soon join this precious metal in garnering such recognition and become a crucial reserve within central banks by 2030, based on a report by Deutsche Bank. The report, penned by senior economist Marion Laboure and analyst Camilla Siazon, highlights the similarity in behavior towards gold in the 20th century with current discussions surrounding Bitcoin.

    The Trend of De-Dollarization

    Significant shifts regarding central bank allocations have been occurring, affecting the US dollar’s share of global reserves, which has fallen from 60 percent in 2000 to 41 percent in 2025. Nevertheless, Deutsche Bank remains confident that the US dollar will maintain a key role in global economics.

    The report emphasized that neither Bitcoin nor gold will fully replace the US dollar, referring to digital assets as “complementary” to national currencies within the central bank reserve strategy.

    Questions & Answers

    What are safe haven assets?
    Safe haven assets are investments that are expected to hold or increase in value during market downturns. Examples include gold and, recently, Bitcoin.

    What is the current trend in central bank allocations?
    There is a noticeable shift away from the US dollar, with its share of global reserves falling from 60 percent in 2000 to 41 percent in 2025.

    Will Bitcoin and gold replace the US dollar entirely?
    According to a Deutsche Bank report, neither Bitcoin nor gold will fully supplant the US dollar. Instead, they are seen as “complementary” to national currencies within the central bank reserve strategy.

  • Deutsche Adds Over a Dozen Private Bankers in India

    Deutsche Adds Over a Dozen Private Bankers in India

    Deutsche Bank Wealth Management has made a significant expansion in India with the hire of more than a dozen for the front office and product units.

    Deutsche Bank Wealth Management in India has made over 15 hires across relationship management and investment advisory join this year and early 2022, according to a statement.

    The business opportunity in India has become very compelling with the material wealth creation driven by entrepreneurial activity, said Amrit Singh, head of wealth management, global South Asia.

    We are now shifting gears and expanding our long-standing and established team as we seek to support our clients and reach new ones with our full suite of products and solutions.

    For the front office, the German private bank hired Rajasekar Ayyalu to join as a director in Chennai with a focus on expanding and deepening its presence in that region.

    Ayyalu was most recently with Julius Baer where he was an executive director for investments. Previously, he also worked at Merrill Lynch and Royal Bank of Scotland.

    The bank has also hired four vice presidents – Jai Bhatia, Sanyam Sharma, Anjali Vashisth and Manish Lalwani – to join as relationship managers in the Delhi and Mumbai offices.

    Deutsche Bank has also been bolstering its product capabilities in India, including the hire of Mayank Khemka as chief investment officer in December 2019 which subsequently led to the launch of a domestic discretionary portfolio management business.

    Adding to its existing shelf of equity multi-cap and multi-asset customized strategies, the bank introduced a fixed income strategy following the hire of Bhupendra Meel as a fixed income fund manager.

    We are delighted to bring on board some of the most promising talents in the private banking industry, said Atinkumar Saha, head of wealth management, Deutsche Bank, India.

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