Ashok Aram likely to head Deutsche Bank Asian operations

When India-born Mr Anshu Jain takes over the reins of Deutsche Bank from CEO, Mr Josef Ackermann, at the end of May, it is likely that his compatriot, Mr Ashok T. Aram, may also join the top leadership of Germany’s largest bank.

He is a candidate for the management board’s Group Executive Committee (GEC), which will be expanded from 12 to 17 members, news magazine Der Spiegel reported.

GEC comprises members of the management board and senior representatives from the business divisions and from regional operations. It advises the seven-member management board on strategic decisions.

Mr Aram, Deutsche Bank’s CEO for the Middle East and North Africa (MENA) region, is a front-runner to become the new head of its Asian operations.

Mr Aram, who has been at the helm of Deutsche Bank’s MENA operations since September 2010, is expected to succeed Mr Robert Rankin as the head of Asian operations.

Mr Rankin, together with investment banker Mr Colin Fan, will build a team to take over the leadership of Deutsche Bank’s highly successful investment banking division in London from Mr Jain when he moves to the headquarters in Frankfurt.

Mr Jain and his designated co-CEO, Mr Juergen Fitschen, will reorganise the bank’s management board ahead of their takeover. They have decided to replace two senior board members to bring in young bankers with long international experience, especially in investment banking, Der Spiegel said.

Deutsche Bank’s new leadership is becoming increasingly international and investment banking will play a stronger role in its operations than before, the magazine said. “In the management board alone, there will be three new investment bankers holding foreign passports.”

Mr Aram has been with Deutsche Bank for more than 15 years since joining its Asian operations in mid-1990s and at the age of 29, he became the youngest managing director in the bank’s history.