Deutsche Bank's Asia-Pac chief exec steps down

Mr Chadha will vacate his post as Deutsche Bank's CEO for Asia-Pacific on July 17.
Mr Chadha will vacate his post as Deutsche Bank's CEO for Asia-Pacific on July 17.

Deutsche Bank's chief executive for Asia-Pacific is leaving the bank.

Mr Gunit Chadha will step down on July 17, according to Deutsche CEO John Cryan in an e-mail yesterday.

Mr Chadha joined Deutsche as CEO for India in 2003 and was appointed co-CEO for Asia-Pacific in 2012 before becoming sole CEO last year.

"During this period, our businesses in Asia-Pacific delivered substantial growth coupled with increased profitability," Mr Cryan wrote in his e-mail.

"I am grateful to Gunit for his contributions to Deutsche Bank and especially for his role in developing our valuable presence across 16 countries in Asia-Pacific."

He added that a successor will be announced in due course.

Singapore is one of the hubs for Deutsche in the Asia-Pacific region, employing around 2,000 people at two sites - One Raffles Quay and Mapletree Business City.

The bank's Asia-Pacific business is one of its main growth engines. When Deutsche announced a global restructuring in October last year, the Asian units were left untouched.

At the bank's full-year results briefing in January, then co-CEO Juergen Fitschen commented on the strength of the Asia network, which delivered revenues of more than €4 billion (S$6.1 billion) last year, up 14 per cent from the year before.

He said profit in the region has also tripled over the last three years.

This came as the bank reported a full-year loss of €6.8 billion overall last year.

Deutsche's business divisions in this region include corporate and investment banking, global markets, Deutsche Asset Management and Deutsche Bank Wealth Management.

Yasmine Yahya

A version of this article appeared in the print edition of The Straits Times on June 15, 2016, with the headline 'Deutsche Bank's Asia-Pac chief exec steps down'. Print Edition | Subscribe