Deutsche Bank has hired Jeffrey Yen Chieh Peng as head of its onshore wealth management unit in China. Operating out of Shanghai, Jeffrey Yen Chieh Peng will oversee onshore operations, strengthen the bank’s onshore and offshore platforms and at the same time develop and execute long-term expansion strategies. He will also act as an adviser to the bank’s business in China.
Prior to his recruitment in Deutsche Bank, he held the role of a managing director and the head of Strategic Alliance and IAM Excellence Centre for Greater China and North Asia in Bank of Singapore.
He also brings with him the experience of working as an executive director and head of Wealth Management Investment Products and Services in China for Switzerland-based UBS.
Deutsche Bank is shifting its focus on wealth management in high growth Asian markets such as China and India.
“We see opportunities in onshore China markets as the high-net-worth client segment grows exponentially, while the environment grows increasingly business-friendly and promising,” Deutsche Bank’s head of North Asia wealth management Kansas Chan told the media.
Recently, China has granted Deutsche Bank along with BNP Paribas licences to act as an underwriter for corporate debt issued by non-financial institutions. The recent developments show that China is willing to open its markets to foreign banks.
Last month, Deutsche Bank paid around $16 million to settle a case with the US’ Securities and Exchange Commission (SEC) after it violated the US corruption laws. The SEC alleged that the bank hired under qualified relatives of foreign officials to generate more businesses like initial public offerings.