Deutsche Bank AG (DBK) hired Marc Benton to replace Michael Hafner as head of its European energy investment banking business.
Benton, who was formerly at Barclays Plc (BARC), will start work at Deutsche Bank in August and be based in London, the firm said in an internal memorandum obtained by Bloomberg. He was co-head of natural resources for Asia at Barclays in Hong Kong, working on deals involving state- backed China National Petroleum Corp. and China Petroleum & Chemical Corp. (386), among other companies.
Hafner, an American who re-located to London in 2009, is leaving the company for another opportunity, according to the memo. A spokeswoman for Deutsche Bank, Germany’s largest lender, confirmed the contents of the document.
Large oil companies have mostly refrained from major acquisitions this year as they focus on cutting costs and reducing debt. The year’s biggest energy transaction was the $7.1 billion acquisition of RWE AG’s Dea oil and gas unit by AAR, an investment vehicle controlled by Russian billionaire Mikhail Fridman, which was advised by Deutsche Bank along with Morgan Stanley (MS) and Rothschild.
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