Sung Eun Ahn is returning to Deutsche Bank as chief country officer for Korea and chief executive of the bank’s local securities arm.
He replaces Soo-Ryong Kim, who is retiring from the bank, and starts his new job on July 1, reporting to Alan Cloete and Gunit Chadha, Asia-Pacific co-CEOs and members of the group executive committee, according to a statement the bank issued late last week.
Kim previously worked at Deutsche from 2002 to 2004, before leaving to become chief executive and head of investment banking for Korea at Bank of America Merrill Lynch, a position he has for the past nine years. He has also worked at Salomon Smith Barney, ING Barings and BZW during his 20-year investment banking career.
“Ahn is one of the preeminent bankers in Korea and his appointment clearly signals Deutsche’s deep commitment to the Korean market and to the development of its investment banking business,” said Cloete in a statement. “Deutsche views Korea as a strategically important market regionally and globally.”
Deutsche employs 350 staff in its Seoul office. It is licensed to conduct all its global core non retail businesses in Korea such as markets activities including foreign exchange, fixed-income and equities research and trading, corporate banking/transaction banking, corporate finance and advisory, and asset management, according to a spokesperson.
In February 2011, Korea’s Financial Services Commission slapped Deutsche with a six-month ban on trading derivatives and a record fine for “massive manipulative orders” four months earlier. In September 2011, nine key equities bankers jumped to Barclays in Seoul.
