Deutsche Bank has made new recruitments in a bid to strengthen its wealth management arm in Southeast Asia.
The lender appointed Terence Leong as Group Head for South East Asia. The former HSBC executive will directly report to the head of Southeast Asia wealth management Shang-Wei Chow.
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Previously, Leong was working as ultra-high net worth market lead and desk head at HSBC Singapore. He has more than 15 years of experience in wealth management.
Separately, Deutsche Bank has also hired bankers Lynn Aw and Derek Teo, both of whom have been team members of Terence since he was with UOB Private Bank.
Chow said: “South East Asia is a growing region and the fundamentals underpinning wealth creation remain positive. We will continue to hire the best people in the industry to serve clients across the region, and to provide world class services to which the bank has committed.”
In April, the Deutsche Bank reported the best quarterly profit since 2014.
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By GlobalDataThe German lender reported a profit of €908m ($1.1bn) profit in Q1 2021, surpassing forecasts.
In the same quarter of 2020, Deutsche Bank registered a loss of €43m. The bank’s net revenues also soared to €7.2bn from 6.35bn over the period.
The investment banking unit’s revenues surged 32% year-on-year to €3.1bn.
