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Deutsche Bank’s incoming Asia-Pacific CEO picks Singapore over Hong Kong for his home base
- Alexander von zur Muehlen assumes the role on August 1; Werner Steinmueller, his predecessor, was based in Hong Kong
- Lender routinely splits executive teams in the region between the financial hubs
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Deutsche Bank’s incoming Asia-Pacific chief executive Alexander von zur Muehlen is relocating to Singapore in keeping with the lender’s “dual hub” structure for region. His predecessor was based in Hong Kong for the past four years.
Muehlen, one of the architect’s of the lender’s massive restructuring last year that included the closing of its equity sales and trading business, is set to succeed Werner Steinmueller on August 1. Steinmueller, who joined the bank in 1991, will continue to serve in an advisory role until the end of the year.
Deutsche Bank routinely splits its executive teams in the region between the financial hubs, with Steinmueller’s co-CEO predecessors based in Singapore and in Hong Kong between 2012 and 2016. Steinmueller was the first from the region to serve as a member of the bank’s management board.
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“We have – and always have had – and remain committed to a dual hub structure for the region,” a Deutsche Bank spokeswoman said on Thursday.
The company’s wealth management, asset management and corporate finance functions operate primarily out of Hong Kong, whilst its fixed-income and commercial banks operations are primarily run out of Singapore. The bank’s new environmental, social and governance head relocated to Singapore from Washington in June.
Bloomberg reported the Muehlen move earlier on Thursday.
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