Deutsche Bank (NYSE: DB), a German financial services giant, hired four bankers from another banking giant, HSBC, to build up its private team in Africa today. According to an internal memo cited by Reuters, the executives will help the German bank’s private banking business in the continent.
The memo noted that Paul Sayers would lead the team as Head of Deutsche Bank’s International Private Bank Africa, alongside three team members, starting December 1 this year. All the bankers will be settled in Zurich, Switzerland. “The Middle East and Africa region offer a significant growth opportunity,” the internal memo highlighted.
However, the memo did not disclose the names of the other three members of Africa’s private banking business of the German financial services giant.
The manoeuvre comes as a surprise despite cutting around 18,000 members of its staff as part of a restructuring process that took place in 2018. Additionally, Deutsche Bank praised its ‘strong presence’ in countries like Nigeria, Egypt and South Africa. Moreover, it pledged to strengthen and diversify its IPB client book in the region.
Hiring Former Bankers from BNP Paribas
Also, other appointments were made today by Deutsche Bank as it hired two senior bankers from BNP Paribas to join its strategy for expanding its UK investment bank. The news was revealed through another internal memo quoted by Financial News London. “Their appointments further underline the significant investment we have made to build a client-orientated UK Investment Banking business for the long term,” Daniel Ross, the Head of Investment Banking at Deutsche Bank in the UK and Ireland, stated in the memo.
Last month, Deutsche Bank released its financial results for the third quarter of 2021. In the last three months, Deutsche Bank’s pre-tax profit reached EUR 554 million, which is 15% higher compared to the same period last year.
In terms of net income, the figure jumped 6% YoY to EUR 329 million. Furthermore, the German financial services giant highlighted a strong performance in its asset management division.
