SINGAPORE May 7 Deutsche Bank has
appointed two former employees of U.S. rivals as heads of its
operations in Singapore and Korea, the bank said on Tuesday.
Former JPMorgan executive Philip Lee joins as vice-chairman
Southeast Asia and chief country officer for Singapore, the bank
said. Sung Eun Ahn, who was head of investment banking in Korea
for Bank of America Merrill Lynch, also joins Deutsche
as chief country officer, Korea.
Lee, whose last role with JPMorgan was chief executive of
Southeast investment banking and senior country officer for
Singapore, had been with the U.S. bank since 1995 and resigned
"He brings great depth of experience to this important role
where he will focus on the development of our client franchise
in Singapore and Southeast Asia, an area which has significant
importance and potential for the bank," Deutsche's co-chief
executive for Asia-Pacific, Gunit Chadha, said in a statement.
Under Lee, JPMorgan did the bulk of the deals for Southeast
Asia's largest developer CapitaLand, including the
$1.8 billion initial public offering of its shopping mall arm
CapitaMalls Asia that was one of the region's largest in 2009.
Lee's appointment comes after some high-profile departures
from Deutsche in the past few months, including its head of
corporate and investment banking Loh Boon Chye, who was hired by
Bank of America Merrill Lynch as head of Asia-Pacific global
Ahn, who will also serve as chief executive officer of
Deutsche Securities Korea Co., has worked at Bank of America
Merrill Lynch since 2004 and before that spent two years at
He replaces Soo-Ryong Kim, who is retiring from the firm.