The newly created personal banking unit at Deutsche Bank will consist of the retail operations of both the Deutsche Bank and Postbank brands, serving most of the 19 million private bank customers as a result

On 1 October 2023, Hennen will begin working with the private bank executive committee.

Lars Stoy, the head of the private bank in Germany, will receive his reports.

Claudio de Sanctis, member of Deutsche Bank’s management board and head of the private bank, stated: “We aim to expand our market leadership in retail banking in Germany. Dominik Hennen is a leader who knows how to efficiently target a business model to meet the needs of customers, relying on new digital products, innovative distribution channels and excellent customer service. He is the ideal person to drive the next phase of growth of our German retail business.”

Stoy added: “By bringing our customers together on a unified IT platform, we have completed the groundwork to rigorously digitalise our processes, products and services. Over the course of his career, Dominik Hennen has implemented several major transformation processes at financial service providers. He also has a deep knowledge of sales processes and will continue to consistently align the organisation with the needs of our customers.”

Hennen joins Deutsche Bank from insurance company Talanx, where he previously served as chief transformation officer for the Germany retail segment and has held different management board posts since 2017.

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By GlobalData

He oversaw and stabilised the company’s customer service while serving as an interim head of operations and a member of the management board of HDI Versicherungen, which is a German insurance company.

Furthermore, Hennen served as the chief sales and marketing officer of PB Lebensversicherung (a life insurance company) from 2017 to 2021.

In this role, he was in charge of creating new digital distribution channels at the board level.

For five years, he also supervised the company’s sales partner connection with Postbank.

Hennen started working in the banking and insurance industries on development, merger, and restructuring projects with McKinsey and Company in 2007.

“The retail business, which encompasses two household brands in Deutsche Bank and Postbank, which are known to everyone, has enormous potential,” said Hennen. ‘‘The outlook is good following the completion of the IT migration providing room for new growth initiatives. And Deutsche Bank has the smartest minds in the industry as well as enormous excellence in sales. I’m looking forward to working with the team to strengthen our market-leading position with excellent products and services for our customers.’’