SINGAPORE - Deutsche Bank is set to name veteran Credit Suisse Group executive Young Jin Yee as head of private banking in Asia-Pacific, one of the most senior hires yet from the embattled Swiss firm.
Ms Young, the number two wealth executive for Credit Suisse in the region, will start at Deutsche Bank next year and continue to be based in Singapore, according to sources familiar with the matter. She will replace Mr Lok Yim, who will remain at the German lender as head of Hong Kong, said the sources.
A spokesman for Deutsche Bank confirmed Ms Young's appointment, in response to queries from Bloomberg News.
Ms Young, a veteran with about 20 years at the Swiss firm, is the highest-ranking wealth departure in Asia so far at Credit Suisse.
She is the deputy to Mr Benjamin Cavalli, the regional head of private banking, as well as chief executive of the SymAsia Foundation, a non-profit group handling philanthropic activities of the bank's wealthy clients.
Her promotion, along with Mr Cavalli's, was announced in November last year, when she also became the first female in a senior private banking role to join the bank's Asia-Pacific operating committee.
The Swiss bank has not yet disclosed who will replace her.
Deutsche Bank, based in Frankfurt, is building up its wealth management services globally as part of its ambitions to become the euro area's largest private bank.
Still, chief financial officer James von Moltke last month highlighted Asia wealth management as one of the few business lines where revenue momentum was weak in the third quarter. BLOOMBERG