Chadha named Deutsche Asia-Pacific co-CEO

Gunit Chadha will initially be based in Mumbai,where half of bank's 18,000 employees in Asia are located.

German financial giant Deutsche Bank (DB) has elevated its India Country Head and Chief Executive Gunit Chadha as co-CEO of its Asia Pacific business apart from making his a member of its global group executive committee,effective June 1,as part of its management revamp.

Chadha,who will initially be based in Mumbai,where half of the bank’s 18,000 employees in Asia are located,will move to Singapore in due course. He will share his job with Alan Cloete,currently head of DB’s global finance and foreign exchange. He will also join the global group executive committee,the bank said in a statement last night.

Deutsche Bank also said the current Asia Pacific Chief Executive Robert Rankin will be the new co-head of corporate banking & securities and head of corporate finance.

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Chadha has been the Country Head and CEO of the bank’s India operations and a member of the Asia Pacific executive committee since 2003. He has several years of experience in retail,corporate and investment banking in the US and India.

Deutsche Bank India employs over 9,000,which is half of its entire headcount in Asia Pacific. It offers investment banking,sales & trading,private wealth & asset management and retail banking services.

“The new Co-CEO structure in Asia-Pacific reflects our large scale operations and investment across 17 countries in the region. It increases the bandwidth for senior management engagement with clients,regulators and staff,” the bank said.

Deutsche Bank’s business in Asia Pacific is strong and well positioned. It figures among top three investment banks in the region. Its Asia Pacific revenues were in excess of 3.6 billion euros in 2011,about 11 per cent of the global figure,and up 7 per cent on the previous year.

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Chadha,who will initially be based in Mumbai,where half of the bank’s 18,000 employees in Asia are located,will move to Singapore in due course,the bank said.

Deutsche Bank also said the current Asia Pacific Chief Executive Robert Rankin will be the new co-head of corporate banking & securities and head of corporate finance.

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