P&M: Deutsche Bank Asia-Pac investment bank head quits - Reuters
Deutsche Bank head of corporate and investment banking in Asia Pacific Loh Boon Chye has resigned, according to two sources familiar with the matter.
In a memo to Deutsche staff, co-chief executive Anshu Jain confirmed the resignation and said the Singapore banker, credited as the architect of the bank’s markets business in Asia, would continue to chair a working group to manage its leadership transition in the region for two months.
One of the sources read out the memo to Reuters over the telephone. A Deutsche spokesman declined to comment.
Loh, 47, joined Deutsche in 1995 and, in 2002, became head of the global markets Asia unit he had helped build.
Known for his deep connections in Singapore financial services, Loh is a non-executive director on the country’s stock exchange board and began his career as an investment officer with the Monetary Authority of Singapore.
He is now likely pursue a career outside investment banking, according to one insider.
Loh’s resignation follows the departure of Asia-Pacific CE Rob Rankin, who has been promoted to a London role as co-head of corporate banking and securities.
Rankin’s job goes to Deutsche India CE Gunit Chadha, and Alan Cloete, head of global finance and foreign exchange. The pair will act as co-heads.
Chadha will remain based in Mumbai for the time being before transferring to Singapore to focus more on South and South-East Asia, while his co-head Cloete moves from London to Hong Kong with a North Asia focus.
Deutsche has yet to confirm a successor for Loh.