REUTERS - Deutsche Bank has named Mr Michael Ormaechea and Mr Bhupinder Singh as co-heads for its corporate banking and securities unit for the Asia Pacific region, according to an internal memo obtained by Reuters on Monday.
Mr Ormaechea was previously head of the bank's Asia Pacific trading business and head of corporate banking and securities in Australia and New Zealand, while Mr Singh ran corporate finance and structuring for the region.
They now take over the entire corporate banking and securities division in the Asia Pacific region, which includes those two units.
They also add the institutional client group to their portfolio, following the departure from the bank of its previous head Marzio Keiling. That group is responsible for providing market products such as debt, foreign exchange and commodities to corporations and other financial intermediaries.
The pair will be based in Singapore and report to Colin Fan and Robert Rankin, global heads of the corporate banking and securities business.
A spokeswoman for Deutsche Bank confirmed the contents of the memo.