Deutsche Bank will close its New Zealand operations as part of global cut backs, however this doesn't amount to a comprehensive withdrawal from the market because of its interest in Craigs Investment Partners and the capacity to serve its New Zealand clients from Australia.
It is thought in the region of 29 New Zealand staff will be affected by the German bank's cost cutting actions, which will see it exit from 10 countries and cut about 26,000 jobs worldwide.
The German banks declaration came just a week after Goldman Sachs also said it would shift its New Zealand securities trading business across the Tasman Sea to Australia.
However despite the bank's decision to pull out of the country its corporate finance and equities businesses will continue to cover New Zealand through their affiliation with Craigs Investment Partners.
Deutsche owns some 49.9 percent of Craigs Investment Partners and leaves a fully fledged operation including investment banking in New Zealand. For larger transactions it was common for New Zealand firms to procure expertise from offshore - even including the biggest and most self-contained, such as First NZ Capital, which had a relationship with Credit Suisse, Forsyth Barr and Craigs.
