Singapore’s primary Chinese language newspaper Lianhe Zaobao recently reported that Deutsche Bank just announced its new Asian-Pacific CEO Alexander von zur Muehlen will move the office of his new regional headquarters to Singapore. He is replacing Werner Steinmueller, who is retiring and still has his office in Hong Kong. Another member of the leadership team of the Bank, Kamran Khan, will also move to Singapore. Singapore has long been the competitor of Hong Kong to be the central hub of the Asian-Pacific financial market. Nearly all major banks like Goldman Sachs, JP Morgan Chase and Citigroup have their Asian Chiefs in Hong Kong. However, in the past couple of years, Hong Kong’s political stability has been under serious question and is now at the center of the storm between China and the U.S. Currently Singapore also has Credit Suisse as well as UBS who have their Asian-Pacific chiefs there. Singapore has played a significant role in Deutsche Bank’s Asian-Pacific strategy for many years.
Source: Lianhe Zaobao, July 16, 2020