Deutsche Bank Asia-Pac investment bank head quits
SINGAPORE, March 20 — Deutsche Bank AG’s head of corporate and investment banking in Asia-Pacific, Loh Boon Chye, is leaving the bank, according to two sources familiar with the matter and internal memos obtained by Reuters.
Deutsche Bank co-Chief Executive Anshu Jain, in a memo to staff, confirmed the resignation and said the Singaporean banker, credited as the architect of the firm’s markets business in Asia, would continue to chair a working group to manage the firm’s leadership transition in the region for two months.
The memo was read out to Reuters today over the telephone by one of the sources. A spokesman for the bank declined to comment.
Loh’s resignation follows the departure of Asia-Pacific Chief Executive Rob Rankin, who was promoted to a London role as co-head of corporate banking and securities.
Two sources at Deutsche Bank including one who works with him questioned the timing of Loh’s departure, saying that he was unhappy with a proposed new management structure in Asia and is quitting the bank as a result.
According to another source with direct knowledge of the matter, however, Loh had announced his resignation internally a month ago and had been offered Rankin’s job as CEO Asia Pacific. Loh turned down the job to pursue a career outside banking, the source said.
In a section of Loh’s resignation email, obtained by Reuters, he wrote:
“The transition into the next chapter for CIB and Deutsche Bank has provided me with the opportunity to reflect and consider the next phase of my life. I am fortunate to have been able to evaluate various options within the bank in terms of further progression including taking on a broader role in the new management structure.”
Loh, 47, joined Deutsche Bank in 1995 and in 2002 became head of the global markets Asia unit that he had helped build.
Known for his deep connections in Singapore’s financial services sector, Loh is a non-executive director on the country’s stock exchange board and began his career as an investment officer in the Monetary Authority of Singapore.
Rankin’s job goes to Deutsche India Chief Executive Gunit Chadha, and Alan Cloete, head of global finance and foreign exchange. The pair will act as co-heads.
Mumbai-based Chadha will remain in that city for the time being before transferring to Singapore to focus more on south and Southeast Asia, while his co-head Cloete moves from London to Hong Kong with a North Asia focus.
Deutsche Bank has yet to confirm a successor for Loh. — Reuters