Deutsche Bank Bucks Trend, Looks to Commodity Traders for Growth

(Bloomberg) — Deutsche Bank AG plans to boost lending to commodity traders in the Middle East, even as other banks back away after a spate of defaults in the industry, to help double the size of its regional business. The German lender, which on Monday appointed Loic Voide and Kees Hoving as co-chief executive officers for the Middle East and Africa, is also targeting bond markets for growth in the region. “In the next five to six years, we would like to double the size of the revenues from what we have today,” Voide said in an interview. “The old Deutsche Bank wanted to be everything to everybody, and we realized in the past few years that’s not sustainable.” Voide, formerly the head of wealth management for the Middle East and Africa, will now also oversee Deutsche’s private bank for the region. Hoving, who previously ran the Netherlands business, will also head corporate banking for the Middle East and Africa. The two replace Jamal Al Kishi, who left Deutsche earlier this year to become deputy group CEO at Bahrain-based Gulf International Bank. Lenders including ABN Amro Bank NV, BNP Paribas SA and Societe Generale SA, have curbed their exposure to… continue reading

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