Deutsche Bank, a leading German financial services provider, has announced on Tuesday that five executives from UBS have joined the company to model its Swiss-based private banking business for wealthy British and Northern European customers. According to Reuters, Raoul Zehnder will take the team’s lead starting on October 1, 2021.
“Today’s announcement is a strong sign of the commitment and progress Deutsche Bank’s EMEA Wealth Management business is making in this strategically important region,” Marco Pagliara, the bank’s Head of International Private Banking for Europe, Middle East and Africa region (EMEA), commented in a statement. Together with Zehnder, Senior Relationship Managers Patrik Minuscoli and Michael von Mecklenburg, Senior Investment Manager Philipp Portenier, and Account Manager Vincent Weisse will also be on the branch that seeks to catch a market share for money managed abroad from British and Northern European wealthy people.
“We will continue to hire the best people in the industry to serve clients across the region in support of our ambitious growth agenda,” Pagliara further said on the matter. The announcement comes weeks after Deutsche Bank announced it had signed a partnership with Fiserv, the US-based Fintech and financial services firm, to launch a joint venture. The agreement seeks to create payment acceptance and banking solutions for the German market.
Latest Deutsche Bank Maneuvers
But, the banking giant has been active in European banking during this year to strengthen its business fronts. In May, Deutsche Bank named Stephane Gruffat as its new Co-Head of equity capital markets in Europe. Gruffat will head the ECM syndicate for the EMEA region.
In its latest quarterly report, the bank reported €7.2 Billion in net revenue as its investment banking division posted strong growth during the first three months of 2021. In addition, the German company posted robust growth across all businesses for the last three months.
