Based in Singapore, Young resigned from his position as the deputy head of the beleaguered Swiss bank’s Asia Pacific wealth management business.
With around 20 years of experience at Credit Suisse, Young was working as the deputy to the bank’s regional head of private banking, Benjamin Cavalli.
In his new role, Young will succeed Lok Yim, who assumed the position in 2016. He will continue to work as the CEO of Deutsche Bank’s Hong Kong arm.
Yim will be associated with the German bank as chief executive of the firm’s Hong Kong unit.
Young’s appointment will take effect on 3 January next year. Post-appointment, Young will remain at his current base in Singapore, reported Bloomberg.
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Currently, Deutsche Bank is developing its wealth management business across the globe in line with its plan to become the biggest private bank in the Euro region.
Last month, the bank’s CFO James von Moltke noted that its Asia wealth management business garnered less revenue than expected in Q3.
Deutsche Bank CEO of Asia Pacific Alexander von zur Muehlen was quoted by Reuters as saying: “Wealth management continues to be a cornerstone of our offering for clients in the Asia Pacific region, and a critical growth driver for our platform.”