May 7, 2013 / 4:01 AM / in 5 years

UPDATE 1-Deutsche hires new country heads for Singapore and Korea

SINGAPORE, May 7 (Reuters) - 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 last month.

“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 markets.

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 Deutsche Bank.

He replaces Soo-Ryong Kim, who is retiring from the firm.

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