Deutsche Bank Names Cai Chair Asia Corporate Finance
Cai, who will join on Oct. 4, was also named head of the corporate and investment bank in China and will become part of the Asia Pacific executive committee, according to an e-mailed statement today. He will be based in Hong Kong and report to Robert Rankin, Deutsche Bank’s chief executive officer in the Asia-Pacific region, it added.
The appointment “demonstrates our resolve to achieve top-tier status in all our investment banking businesses in Asia and in the important China market,” Deutsche Bank CEO Josef Ackermann said in the statement.
The Frankfurt-based company is poaching from rivals to boost its Asian investment banking business after Ackermann made growth in the region a key part of his strategy to double pretax profit at the operating businesses to 10 billion euros ($12.9 billion) by next year.
Deutsche Bank in May announced the hiring of Rankin, formerly head of investment banking for Asia-Pacific at UBS, as CEO for the region excluding Japan. Cai was most recently Asia chairman of investment banking at Zurich-based UBS, the statement said. He was appointed to the position from vice chairman of Asia after Rankin’s departure.
Before that, he held various roles at Peregrine Investments, now part of BNP Paribas SA (BNP), including head of Asia investment banking.
UBS was the top-ranked arranger of sales of stocks, equity-linked products such as convertible bonds and rights issues in Asia-Pacific outside of Japan from 2007 to 2009 and placed third this year, according to data compiled by Bloomberg. Deutsche Bank ranked sixth place or below in each of those years.