Deutsche Bank to establish International Private Bank
Deutsche Bank will combine its Wealth Management and Private & Commercial Business International units into a new International Private Bank.
Deutsche Bank AG (ETR:DBK) today announces that it will combine its Wealth Management and Private & Commercial Business International units into a new International Private Bank, which will serve 3.4 million private, wealth and commercial clients.
The International Private Bank will bring together Wealth Management’s globally connected clients across Germany, Europe, the Americas, Asia and the Middle East and Africa, along with private clients and small and medium-sized enterprises in Italy, Spain, Belgium and India. The business will have around EUR 250 billion of assets under management and a combined revenue of approximately EUR 3 billion.
Claudio de Sanctis, most recently Global Head of Wealth Management, will be at the helm of the International Private Bank and CEO EMEA.
De Sanctis said: “With the International Private Bank, we will create a truly global organisation with a unique focus on serving entrepreneurial individuals and families with European connectivity as well as a personal banking powerhouse in major Eurozone markets. Combining our internationally focused Private Bank businesses will allow us to develop our market share within and across local markets. We will be able to provide greater access for private banking clients to our wealth management capabilities and to combine forces to offer superior digital services to our private, wealth and commercial clients.”
Ashok Aram, Head of Private & Commercial Business International and CEO EMEA, has decided to leave Deutsche Bank for personal reasons. Ashok Aram joined the company in 1995 and has held a variety of senior leadership roles in Tokyo, Singapore, Frankfurt, New York, London and Dubai.
Together with Deutsche Bank’s domestic Private Bank Germany, which will remain unchanged in its scope, the International Private Bank will form the Private Bank, one of four business divisions in the institution’s Core Bank.