Deutsche Bank has promoted Michael Ormaechea and Bhupinder Singh to co-heads of corporate banking and securities (CB&S) for Asia-Pacific, according to a source quoting an internal announcement issued Monday.
These are new roles in the region, although Ormaechea and Singh, together with Marzio Keiling, have effectively led the CB&S business in Asia-Pacific for the past year.
Just days after they started their new jobs in June 2012, Deutsche’s two new co-CEOs for Asia-Pacific appointed Ormaechea head of fixed income, currency and commodities (FICC) and equities, while Singh was put in charge of corporate finance and structuring. Both of them will retain these roles alongside their new co-head positions.
Keiling, who was made head of the institutional client group (ICG) at the same time, will be retiring from the bank this week after 17 years with the firm. His responsibilities will now be absorbed by Ormaechea and Singh in their roles as co-heads of CB&S.
CB&S is made up of corporate finance and markets (which includes sales, trading and structuring of a wide range of financial products).
The appointment of co-heads will bring CB&S in Asia-Pacific more in line with the structure of the division globally following the appointment of Colin Fan and Robert Rankin as global co-heads of CB&S in June last year. Ormaechea and Singh will jointly report to Fan and Rankin.
CB&S makes up the lion's share of Deutsche’s businesses in Asia-Pacific and last year accounted for 72% of the net revenue. The second biggest division — global transaction banking — accounts for 15%.
Ormaechea has been with Deutsche since 1995 and has more than 25 years of banking experience in sales, trading and risk management across all major asset classes.
In 2006 he was appointed head of the markets business in Australia and New Zealand – a division that under his leadership has grown into a market leader in terms of market share across all asset classes. A native Australian, he is viewed as something of a legendary banker in his home country and is also deeply respected within Deutsche, sources say.
He became head of FICC for Asia-Pacific in September 2010 and added the equities division to his responsibilities in June last year. He also still retains the role as head of CB&S for Australia & New Zealand.
Prior to joining Deutsche, Ormaechea worked with Westpac in Australia and London.
Singh joined Deutsche in the global rates structuring group in 2000 and moved to Asia in 2008. He has held senior positions across the bank’s corporate coverage, investment banking, capital markets, structuring, advisory and treasury solutions businesses based in Mumbai, London and Singapore.
His current role as head of corporate finance and structuring puts him in charge of the bank’s corporate coverage, capital markets and investment banking businesses in the Asia-Pacific region.
Before his promotion last year, he was the Asia head of structuring as well as head of the institutional client group across fixed-income and equities, and is known internally for the successful merger of the debt and equities sales forces to create one unified institutional coverage team.
He came to Deutsche from Merrill Lynch in India, where he worked from 1999 to 2000.
Keiling has been with Deutsche since 1996 and has held various senior roles, including co-head of securitised products, head of ICG for Europe, and co-head of debt capital markets for Europe. He was appointed head of global capital markets for Asia-Pacific in 2010 and oversaw the firm’s rise to one of the top IPO banks in Asia ex-Japan in 2011 and 2012.
Keiling was head of global markets in Japan from 2008 to 2010.