Deutsche Bank looks to Asia-Pacific wealth management business to drive core growth

Name: SCMP
Telephone: +852-2680-8888

The German lender sees APAC contributing to 15 per cent of its global revenues amid hirings in its origination and advisory, wealth management and private bank teams

Reading Time:2 minutes

Why you can trust SCMP

Deutsche Bank operates in 15 markets in Asia-Pacific, including Hong Kong and mainland China. Photo: AFP

Aileen Chuang

Published: 8:30am, 18 Jul 2024Updated: 3:47pm, 28 Aug 2024

Deutsche Bank is aiming for Asia-Pacific to contribute at least 15 per cent of its global revenue in a few years as it continues to hire senior bankers for its origination and advisory, wealth management and private bank in the region, according to its chief executive officer.

The German lender expects the region, which accounted for 11 per cent of total net revenue before provision for credit losses last year, to drive the growth of its core businesses, Christian Sewing said in a video interview on Tuesday.

“Since I’ve been CEO, I have made it clear that one key growth region is Asia-Pacific,” said Sewing, who took the helm in 2018.

“There is not one of our Asian markets where I would say that there is no growth. Asia-Pacific will drive a significant part of the growth in Deutsche Bank going forward.”

The Frankfurt-headquartered bank generated the largest share of its revenue – 44 per cent – in its home market of Germany last year, according to its annual report. The Americas, primarily the United States, took about 17 per cent, while the United Kingdom, Europe, the Middle East, and Africa markets followed with around 14 per cent each.

Deutsche Bank CEO Christian Sewing. Photo: Handout

Deutsche Bank operates in 15 markets in Asia-Pacific, including Hong Kong and mainland China, all of which are “profitable”, according to Sewing. These markets offer “big growth potential” in three areas: corporate banking, strategic advice in the investment bank, and private wealth management.