Deutsche Bank has hired a team of private bankers from rival HSBC as it seeks to grow its wealth management business.

The German lender has appointed Paul Sayers as the head of its international private bank in Africa, Bloomberg reported citing a memo sent by the bank to its staff.

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The appointments, confirmed by a Deutsche spokesperson, were announced by Deutsche Bank Europe wealth head Marco Pagliara and its Middle East and Africa private bank chief Loic Voide.

In addition to Sayers, the German bank has also hired Daniel Crafford, Kevin Boux, and David Dizerens from UBS.

The new appointments come as Deutsche looks to scale up its private banking business in the Middle East and Africa region.

The bank plans to take advantage of its existing businesses in these regions in order to support the expansion of its wealth business.

Deutsche set up international private bank division last year, after merging its wealth management and international retail operations.

In July this year, the bank hired five senior wealth managers from Swiss rival UBS.

This team was appointed by the bank to the UHNW individuals and the family offices that manage their wealth, with focus on British and Northern European customers.

Other developments

Deutsche posted the fifth consecutive quarter of profit in Q3 2021, despite a slide in revenues at its investment banking unit.

The German lender registered a net income of €194m ($225m) for the three months to September, up 7% from €182 in the year-ago period.

In September, the bank executed its first-ever green repo transaction, joining the accelerating ESG efforts amongst the financial institutions globally.

As part of the green repo, it transferred securities to its existing client M&G Investments and received cash in return to fund its green asset pool.