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Citi’s Asia closures may make sense today – but at what future cost?
16 April, 2021Euromoney, April 13 2021
With Deutsche Bank apparently turning its fortunes around globally, expectations are high for Asia to deliver growth at the fastest rate of all its operations. Asia CEO Alex von zur Mühlen tells Euromoney he wants to use the bank’s footprint and diversity of revenues to get the job done.
One of the fashions of Asia-Pacific banking this year has been to point with pride to one’s geographical diversity.
Ever since HSBC intimated that it planned to put more resources into Asia beyond Greater China, other firms, notably Citi, have been quick to point out that they’re already being powered by multiple engines in Asia.
But there’s another hand in the air, one that has perhaps been overlooked: Deutsche Bank.
“We were profitable in our core business in all 14 markets in 2020,” says Alexander von zur Mühlen, chief executive for Asia Pacific at Deutsche, and a member of the management board.
The statistic will be a surprise to many in the region who have all but forgotten about Deutsche. One can perhaps understand the reasons: in investment banking, league tables still hold a certain tyranny, and Deutsche has disappeared from the big ones.
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