Hong Kong will require an influx of banking talent as the market rebounds and cross-border activity with mainland Chinese companies picks up, according to the Asia-Pacific head of Deutsche Bank.
“Hong Kong has always benefited from its proximity to mainland China, and that’s a strength, not a weakness,” Alexander von zur Muehlen said during a recent visit to Hong Kong. “It’s the window to the world, and it will continue to require an influx of talent.”
The German lender’s Hong Kong headcount remained steady at around 850 between 2021 and 2023. In mainland China, the bank increased its staff by nearly 18 per cent to 634 from 2020 to 2023, and it hopes to expand further.
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The bank has moved a few dozen internal employees to Hong Kong since 2023, said von zur Muehlen, who serves as CEO for Asia-Pacific, Europe, the Middle East and Africa region, and Germany.
“To understand the trade corridors and the channels better, it requires us to move talent both ways,” he said, referring to the mainland and Hong Kong. “And I think moving people into Hong Kong in particular is a strong sign of our commitment and our overall positive outlook on the market.”
Deutsche Bank’s China revenues have steadily increased since 2020, growing more than 70 per cent to €233 million (US$246 million) as of 2023.
Alexander von zur Muehlen, Deutsche Bank’s CEO for Asia Pacific, Europe, Middle East and Africa, and Germany, poses at ICC in West Kowloon on April 20, 2024. Photo: Edmond So alt=Alexander von zur Muehlen, Deutsche Bank’s CEO for Asia Pacific, Europe, Middle East and Africa, and Germany, poses at ICC in West Kowloon on April 20, 2024. Photo: Edmond So>
As deal flows slowed in the region, leading to a wave of lay-offs by major investment banks, Deutsche Bank took the opportunity to pick up top talent to its advisory team.
“In this very short span of time, because we stayed committed and invested [in China] when others didn’t, [it has] allowed us to reposition ourselves nicely,” von zur Muehlen said.
“We wanted to proactively make use of the opportunities as other banks were reducing capacity.”
The additions have paid off, with the lender ranked second in the Asia region in the merger and acquisition (M&A) league tables throughout 2024, up from ninth last year, according to Dealogic.
