Japan CEO to replace Clive Smith at Deutsche Bank

John Macfarlane will take up office as chairman of the bank in Australia and New Zealand in mid-June.
Deutsche Bank has appointed its current chief executive officer for Japan, John (JT) Macfarlane, to succeed its Australia and New Zealand chairman, Clive Smith, who will retire in mid-June after nearly 50 years in the Australian financial services industry.

ôJT is an ideal successor to Clive as chairman, having worked collaboratively with local CEO Chum Darvall and the senior management team in Australia for many years,ö says group executive committee member, Juergen Fitschen, in a written statement. ôClients today need bankers who have global outlook and expertise. JT has that international perspective, a great depth of banking and management expertise, as well as considerable local experience.ö

Macfarlane joined Bankers Trust Group, which was later acquired by Deutsche Bank, as a fixed-income specialist in 1988. Before taking over as CEO of Bankers Trust New Zealand in 1998, he worked for the group in Australia, the USA and New Zealand, holding various positions within sales, trading and management.

He was appointed CEO and chief country officer of Deutsche Bank Group Japan after the bank purchased Bankers Trust in 1999, and he has also been responsible for regional management for Australia and New Zealand since 2004. In the early years of his career, Macfarlane worked for the New Zealand Treasury before joining NMRB/Capel Court in Melbourne as a financial markets economist in 1986.

SmithÆs relationship with Deutsche Bank also began in 1988, when he decided to merge his family business with an international investment bank.

Smith started working in the financial markets in 1958 as a floor trader with Guest & Bell in Melbourne and throughout his long career he has been involved in many large transactions that have helped shape AustraliaÆs corporate landscape. Among these are WMCÆs acquisition of 40% of the AWAC joint venture with Alcoa in 1994, the sale of Bankers Trust Funds Management to Principal in 1999, the sale of Rosemount to Southcorp in 2001, and the BHP Billiton acquisition of WMC Resources in 2005.

Smith joined his grandfatherÆs firm EL&C Baillieu in 1974 and in 1988 he succeeded his cousin as chairman of the firm. Recognising the necessity to improve global capital marketsÆ client access under the emerging trend of globalisation, Clive chose Deutsche Bank as EL&C BaillieuÆs natural partner among 16 other investment banks, which led to the merger of his business with DeutscheÆs corporate finance division.

The merger saw a renowned team of bankers move across to Deutsche Bank, including Tony Burgess who is now the bankÆs global co-head of M&A.

ôIn his nine years with the bank, Clive has successfully raised the profile of our organisation in Australia and has been one of the most accomplished and effective relationship bankers across our global platform of over 70 countries,ö says Josef Ackermann, chairman of the management board and group executive committee at Deutsche.
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