German banking giant Deutsche Bank is to combine its wealth management and international private and commercial business units.
This will create an international private bank, which will serve 3.4 million private, wealth and commercial clients around the world.
The international private bank will bring together its globally-connected wealth management clients across Germany, Europe, the Americas, Asia and the Middle East and Africa, along with private clients and small and medium-sized enterprises in Italy, Spain, Belgium and India.
The remit of Deutsche Bank’s domestic private bank in Germany will remain unchanged.
The business will have around €250bn (£223bn, $284bn) assets under management and a combined revenue of approximately €3bn.
Claudio de Sanctis, most recently global head of wealth management, will become head of the international private bank and chief executive of Emea.
Ashok Aram, head of private and commercial business international and chief executive of Emea, has decided to leave Deutsche Bank for personal reasons.
He joined the company in 1995 and has held a variety of senior leadership roles in Tokyo, Singapore, Frankfurt, New York, London and Dubai.
De Sanctis said: “With the international private bank, we will create a truly global organisation with a unique focus on serving entrepreneurial individuals and families with European connectivity, as well as a personal banking powerhouse in major Eurozone markets.
“Combining our internationally focused private bank businesses will allow us to develop our market share within and across local markets.
“We will be able to provide greater access for private banking clients to our wealth management capabilities and to combine forces to offer superior digital services to our private, wealth and commercial clients.”