Deutsche Bank appoints Chief Executive Officer for the United Kingdom
Deutsche Bank today announced the appointment of Colin Grassie as Chief Executive Officer for the United Kingdom.
In his new role, Mr Grassie will have responsibility for development of the Bank’s UK franchise, including management of relationships with the government, regulators and key clients. He will chair the Bank’s UK governance and executive management committees. Mr Grassie most recently served for four years as Chief Executive Officer of Deutsche Bank in Asia Pacific (ex-Japan) and was responsible the Bank’s management and strategic business development in the region.
In addition, Charles Aldington, Chairman of Deutsche Bank London for the past seven years, will become a Senior Advisor, providing counsel on selected UK client relationships.
Jürgen Fitschen, Head of Regional Management at Deutsche Bank, said: “Colin’s record of achievement in growing our Asia Pacific franchise gives us confidence that he will bring about further growth for the Bank in the United Kingdom. We are investing in our UK franchise and using our leading presence in London as one strong hub from which to serve clients throughout Europe.”
Mr Fitschen also said: “We are pleased that Charles will continue to work with us and serve clients as a Senior Advisor to the Bank. We thank him for his seven years of service as London chairman.”
A Scottish native with a Master Degree in Law from Cambridge University, Mr Grassie joined the Bank in 1995 and, prior to relocating to Asia, served as Head of Global Markets in Europe (ex-Germany), overseeing origination and execution of cash equities, derivatives, foreign exchange, bonds, structured products and securitisations. He previously held a number of senior positions in Fixed Income Sales in London, New York, Hong Kong and Tokyo.
As CEO in Asia Pacific (ex-Japan), he grew the Bank to include local operations in 17 markets and significantly expanded its private wealth management business and presence in China and India. Mr Grassie is a director of China’s Hua Xia Bank, in which Deutsche Bank holds a 13.7% equity stake.
In UK, Deutsche Bank employs over 8,000 people and is one of the largest employers in the City of London. The Bank is a leading sales and trading provider, corporate finance advisor and serves as broker to nearly 50 companies including Hammerson, National Grid, Old Mutual, Shire, Tesco, Unilever and Xstrata. Deutsche Bank has an ongoing mandate advising Her Majesty's Treasury on financial stability and is a bookrunner on Rio Tinto's recently announced $15.2bn capital increase, the largest ever non financials and non government backed rights issue.
The appointments take effect on 1 August 2009. Mr Grassie will report to Mr Fitschen.
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About Deutsche Bank
Deutsche Bank is a leading global investment bank with a strong and profitable private clients franchise. A leader in Germany and Europe, the bank is continuously growing in North America, Asia and key emerging markets. With 80,277 employees in 72 countries, Deutsche Bank offers unparalleled financial services throughout the world. The bank competes to be the leading global provider of financial solutions for demanding clients creating exceptional value for its shareholders and people.