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Deutsche Bank South Africa Head Quits on Lack of Development

Deutsche Bank South Africa Head Quits Citing Lack of Development
A logo for Deutsche Bank AG is displayed in a branch window in Munich. Photographer: Michael Nagle/Bloomberg

Feb. 20 (Bloomberg) -- Deutsche Bank AG’s chief country officer for South Africa, Herman Bosman, said he’s resigning after six years because the role doesn’t hold enough potential.

Bosman, 44, will stay until Aug. 31 and may provide assistance until the end of this year, he said in a telephone interview from Johannesburg yesterday. He said that he and his family plan to remain in the country after considering a range of global opportunities within the Frankfurt-based bank.

“When you’ve decided you want to be in South Africa, then you must consider if there’s development opportunities in your current role,” said Bosman. “If not, then unfortunately you need to consider going outside.”

Deutsche Bank was the biggest adviser over the past year on South African mergers and acquisitions, including Absa Group Ltd.’s 18.3 billion-rand ($2.1 billion) acquisition of the bulk of Barclays Plc’s Africa assets. Deutsche Bank, which had about 9 percent of the country’s equity capital market last year, remains “committed and excited” about South Africa and will start searching for his successor, Bosman said.

“I still think South Africa is a land of opportunity,” said Bosman, formerly head of corporate finance for Rand Merchant Bank, the investment banking arm of FirstRand Ltd. “There are things we need to address, but this is my home.”

Deutsche Bank hired Bosman, who has a master’s in Law from the University of Johannesburg, in 2006. When he joined Deutsche Bank, it was ranked second in mergers and acquisitions in South Africa.

“Bosman has contributed significantly to the progress and success of Deutsche Bank in South Africa,” the German lender said in an e-mailed statement. “He will assist the group in finding a suitable successor, ensuring a smooth transition of leadership and stakeholder relationships and will remain active on current mandates and projects.”

To contact the reporter on this story: Renee Bonorchis in Johannesburg at rbonorchis@bloomberg.net

To contact the editor responsible for this story: Dale Crofts at dcrofts@bloomberg.net

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