Deutsche Bank AG, Germany’s biggest bank, appointed Asia-Pacific head Robert Rankin to the group executive committee as it seeks to expand in the region.
Rankin, who was hired from UBS AG last year, will join the committee on Jan. 1, Frankfurt-based Deutsche Bank said in a statement today. The group executive committee is the second-highest ranking body after the management board and helps coordinate the businesses and regions, according to the bank.
Deutsche Bank wants to double pretax profit at its operating businesses to 10 billion euros ($13 billion) by next year from 2009 levels, helped by gains in corporate and investment banking and private wealth management in Asia. The German bank generated about 11 percent of total revenue in Asia-Pacific last year, according to company reports.
“This appointment reflects the bank’s global presence and underlines the strategic importance of the Asia-Pacific region as one of our key growth drivers,” Chief Executive Officer Josef Ackermann said in today’s statement.