Deutsche Bank has promoted Michael Sugirin to head of trade finance and cash management corporates, and appointed Runi Irnandari as head of multinational corporates coverage and account management services. Both are new positions in its Indonesia transaction banking leadership team.
Sugirin is responsible for expanding the bank's corporate client base and pushing new product launches in the country. He reports locally to Suresh Narang, chief country officer for Indonesia at Deutsche, and regionally to Thomas DuCharme, Singapore-based Asia regional head of global transaction banking.
Irnandari, who joined the bank at the end of last year, manages Deutsche's multinational client franchise, focused on Indonesia-based international clients. She reports to Volker Bromund, head of corporate banking coverage for the country.
"These new appointments reaffirm the bank's continued commitment to Indonesia, and will further strengthen our corporate banking services for clients based in one of the region's key growth markets," said Narang. Both appointments were effective last week.
The bank has more than 40 transaction banking employees in Indonesia and plans to make selective additional hires.
Prior to taking on the head of trade finance and cash management for corporates position, Sugirin worked with Deutsche's financial supply chain products and sales in the US. He originally joined the bank in 1996 and has held positions in Indonesia and Singapore as well as the US.
Irnandari joined the bank from Citi and has more than 17 years of Asian corporate banking experience.
While Deutsche would not discuss specifics about its Indonesia client base, last year the bank won a mandate from Germany-based consumer goods company Henkel for a multi-country Asia-Pacific treasury solution that included the country. In 2008, dairy products company PT Frisian Flag Indonesia adopted Deutsche's web-enabled trade payables solution db-SupplierFinance.
Last year, the bank's global transaction banking segment reported total revenues of €2.6 billion ($3.5 billion), down 6% year-on-year from 2008, and a pre-tax profit of €776 million.