Deutsche Bank taps Credit Suisse executive as Asia wealth head

DEUTSCHE Bank is set to name veteran Credit Suisse Group executive Young Jin Yee as head of private banking in Asia-Pacific, one of the most senior hires yet from the embattled Swiss firm.

Young, the No 2 wealth executive for Credit Suisse in the region, will start at Deutsche Bank next year and continue to be based in Singapore, according to people familiar with the matter. She will replace Lok Yim, who will remain at the German lender as head of Hong Kong, said the people who asked not to be identified because the appointment is not yet public.

A spokesperson for Deutsche Bank confirmed Young’s appointment in response to queries from Bloomberg News.

Deutsche Bank, based in Frankfurt, is building up its wealth management services globally as part of its ambitions to become the euro area’s largest private bank. Still, chief financial officer James von Moltke last month highlighted Asia wealth management as one of the few business lines where revenue momentum was weak in the third quarter.

Young, a veteran with some 20 years at the Swiss firm, is the highest-ranking wealth departure in Asia so far at Credit Suisse. She’s the deputy to Benjamin Cavalli, the regional head of private banking, as well as chief executive officer of the SymAsia Foundation, a nonprofit group handling philanthropic activities of the bank’s wealthy clients.

Her promotion, along with Cavalli’s, was announced in November when she also became the first female in a senior private banking role to join the bank’s Asia-Pacific operating committee.

SEE ALSO

Deutsche Bank’s new London headquarters to sell for a discount

Credit Suisse’s Ruchir Sharma joins Deutsche Bank as global FX co-head for Apac

DECODING ASIA

Navigate Asia in
a new global order

Get the insights delivered to your inbox.

The Swiss bank has not yet disclosed who will replace her. BLOOMBERG