Deutsche names new India head

Deutsche Bank has appointed Ravneet Gill as its chief executive officer in India, replacing Gunit Chadha, who moved to Singapore in June to become co-CEO of Deutsche Bank’s Asia-Pacific operations after nine years running the India business.

In his new role, Gill will oversee Deutsche’s businesses in India, including corporate banking and securities, global transaction banking, private and business clients, and asset and wealth management. He will also become a member of Deutsche’s Asia-Pacific executive committee, and will report to Chadha and his co-CEO Alan Cloete.

“Ravneet brings a unique combination of strong client relationships built over the last two and a half decades, a deep understanding of the Indian market as well as an unparalleled understanding of the culture and ethos of Deutsche Bank in India,” said Chadha.

Gill has been with Deutsche since joining the wealth management business in 1991. He became head of corporate banking coverage in 2003, then head of coverage for global markets in 2008 and, most recently, was head of capital markets and treasury solutions.

Deutsche is leading the Dealogic league table for India investment banking revenues this year, though capital markets activity remains subdued amid the difficult market conditions worldwide, as well as India’s restrictive foreign investment rules.

Reliance Communications became the latest victim of the tough markets when it pulled the $1 billion Singapore initial public offering of its underwater cable business less than two weeks ago. Deutsche took the lead role on that transaction.

Even so, India is the fifth-biggest market for Deutsche globally, according to the statement — and it is growing at a rapid clip. Post-tax profits in India have averaged 30% growth a year during the past five years.