Deutsche Bank has appointed Boon-Kee Tan as head of its Asia-Pacific financial institutions group, succeeding Bill Nichol who is set to leave the bank in May, according to a person familiar with the matter.
Tan replaces Nichol who will leave in May after 13 years with the bank and is in talks to join another financial firm in a senior role, the person said.
In addition to her regional FIG coverage, Tan will be Deutsche Bank's vice-chairperson of corporate finance for the Southeast Asian region. Prior to her promotion, she was the German bank’s head of client coverage for Southeast Asia.
The FIG unit at investment banks provides investment banking and merger and acqusition expertise to financial institutions like insurance companies and commercial banks.
Tan will still be based in Singapore where she has spent the last nine years, according to her LinkedIn profile. She will report to Tadhg Flood, Deutsche Bank’s co-head of global FIG, and also to Richard Gibb and Simon Roue, co-heads of corporate finance Asia-Pacific.
Before joining Deutsche Bank in 2013, Tan was a managing director at Goldman Sachs where she covered financial institutions in Southeast Asia.
Across corporate coverage and investment banking, Deutsche Bank has lost a number of senior bankers in the region.
Among them are Henry Cai and Bhupinder Singh, who left last year. Cai was executive chairman of corporate finance for Asia-Pacific and Singh was co-head of corporate banking and securities for Asia Pacific.
In addition, Herman van den Wall Bake, a Singapore-based managing director who led Deutsche Bank's fixed income capital markets business for three years, left the firm in December. He said he was leaving the industry in Asia and heading back to Europe with his family in the summer.
Head of technology, media, and telecom investment banking for Asia, Joaquin Rodriguez Torres, is also in discussions to leave Deutsche Bank to potentially start his own fund, the person familiar with the matter said.
Battered by increased regulatory scrutiny and intense competition, Deutsche Bank said last year that it would cut 9,000 jobs globally by 2020 and withdraw from 10 countries as part of a strategic overhaul to help focus on its most profitable businesses.