(Bloomberg) -- Deutsche Bank AG is hiring HSBC Holdings Plc banker Paul Sayers as the head of its international private bank in Africa, as the German lender it seeks to build up its wealth-management business.
Sayers, based in Zurich and focusing on wealthy clients in African countries, will begin at Deutsche Bank’s wealth management business in the Swiss city on Dec. 1, according to a memo to staff seen by Bloomberg and confirmed by a spokesperson. The announcement was from Marco Pagliara, Deutsche Bank’s wealth head for Europe, and Loic Voide, the head for the private bank in the Middle East and Africa.
Deutsche Bank is also bringing on three other senior relationship and investment managers from HSBC and who worked with Sayers, including Daniel Crafford, Kevin Boux and David Dizerens. The German bank has identified the Middle East and Africa region as a growth opportunity for its private banking business and plans to use its existing presence in other activities in countries including Egypt, Nigeria and South Africa to help build out the wealth business.
Deutsche Bank created the international private bank unit last year after combining its wealth management and international retail operations. Claudio de Sanctis, who leads the unit, has said the business is expected to significantly contribute to the bank’s overall group targets from revenue to cost cutting, as well as return-on-equity and profitability.
Read more about Deutsche Bank’s wealth push:
- Deutsche Bank Cuts Foreign Branches in Pivot to Affluent (1)
- Deutsche Bank Hires Barclays’s Gallant for Family-Office Unit
- Deutsche Bank Wealth Mgmt Names Tse as North Asia Group Head
- Deutsche Bank Poaches UBS Staff to Expand Private Banking (1)
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