The wealth management unit of Deutsche Bank has unveiled targets in the region, including the doubling of assets under management in Southeast Asia.
Deutsche Bank plans to its double assets under management (AUM) for clients in Southeast Asia as well as the Middle East, over the next five years, according to a «Bloomberg» interview with head of private bank Claudio de Sanctis.
«This is where we invested heavily. These two regions are also incredibly interlinked at the moment,» de Sanctis said.
Hiring, Lending
Citing unnamed sources, the report said that Deutsche Bank had cut 10 private banking roles in Asia last month. According to de Sanctis, the German private bank is hiring «much more» in Southeast Asia and the Middle East compared to other regions, primarily from Credit Suisse which is undergoing an integration with UBS.
As of end-2023, Deutsche Bank was Asia’s 10th largest private bank with $75.6 billion in AUM, according to finews.asia data.
