Deutsche Bank’s Thailand Head Schmoelz Said to Leave End-June
Manfred Schmoelz, Deutsche Bank AG (DBK)’s chief country officer for Thailand, will leave the lender at the end of this month, according to a person familiar with the matter.
Schmoelz, who has worked for Germany’s biggest bank for about 20 years, has headed the Thai operation since April 2009 after helming corporate banking coverage for Asia Pacific in Singapore, the person said.
Kathryn Hanes, the Singapore-based spokeswoman for Deutsche Bank, declined to comment on the matter today. Schmoelz couldn’t be reached when Bloomberg telephoned the company yesterday and on June 10.
Schmoelz will join Royal Bank of Scotland Group Plc based in Singapore, according to Finance Asia’s website. He wants to return to a coverage role, as well as reuniting with his family, who remain in Singapore, Finance Asia said without citing a source.
Thailand’s central bank dropped Deutsche Bank from its list of primary dealers for repurchase agreements in May owing to a regulatory infringement, a Bank of Thailand official, who asked not to be identified because he’s not authorized to speak on the matter, told Bloomberg on June 10.
“Other than the bank’s ability to repo specifically with the BOT, the bank’s government bond trading and other extensive business activities in Thailand are unaffected,” Michael West, Deutsche Bank’s Hong Kong-based spokesman wrote on June 10 in an e-mail. “Deutsche Bank continues to be a primary dealer in bond trading with the BOT.”
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