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 Muehlen, will be relocating to Singapore for his new role – not Hong Kong, where his predecessor sits. The news comes as bankers explore their options outside of Hong Kong, as finews.com reported, following China's enacting a new security law.
With the exception of HSBC and Standard Chartered, banks have avoided taking any position on the law. Detractors fear it will wipe out freedoms the territory has enjoyed since its handover to China in 1997. Its supporters highlight the law's potential to provide stability in the city, which has seen frequent anti-government protests.
Dual Hubs
Deutsche Bank's decision to have von zur Muehlen based in Singapore instead of Hong Kong can be read as a tacit nod to the tensions. «We remain committed to our dual-hub structure in Asia Pacific,» a Hong Kong-based spokesperson told finews.com about the decision. The respective Asia bosses of Credit Suisse and UBS – Helman Sitohang and Edmund Koh – are both based in Singapore.
Previously, the German lender 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.
Asia Split
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 mainly in Hong Kong. Last year, the bank began shuttering its equities sales and trading globally as part of its overall revamp.
Von zur Muehlen, who joined Deutsche Bank in 1998, is set to take charge of the firm's Asia Pacific business when veteran Werner Steinmueller retires this month. He was previously head of group strategy, based in Frankfurt, and co-head of global capital markets prior to that.
