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Alexander von zur Muehlen, currently head of strategy at the loss-making bank, will replace Werner Steinmueller, who is retiring in a long-expected move.
Von zur Muehlen, who has been with Deutsche since 1998, was instrumental in merger talks with rival Commerzbank (DE:CBKG), that were aborted and in plan to shed 18,000 staff in a 7.4 billion euro ($8.05 billion) overhaul.
Deutsche, still in the throes of that revamp, is expected to post a sixth consecutive loss this year, according to analysts, and is reeling from the shock of the coronavirus outbreak.
Deutsche believes Asia-Pacific, with 13% of the bank’s revenue and 22% of staff, offers growth potential, particularly for its corporate bank as it serves German heavyweights like Siemens in the region.
Deutsche Chairman Paul Achleitner said in a statement that Von zur Muehlen “possesses all the skills and attributes needed to … further advance our regional strategy.”
The decision was finalised on Thursday at a meeting of the bank’s supervisory board.
He will be based either in Singapore or Hong Kong and will assume responsibilities in August.
