Deutsche Bank commits to Philippines for long term, says new head

MANILA, Philippines — Frankfurt-based Deutsche Bank AG remains committed to its global network and to the Philippines as it undergoes a global transformation to focus on core strengths in financing, advisory, fixed income, rates, foreign exchange, trade finance and cash management.

Newly appointed Deutsche Bank Philippines chief country officer Michael Chua said the German bank remains committed to the country where it began operating over 40 years ago.

Chua, a 24-year Deutsche Bank veteran having joined the bank’s foreign exchange business in 1995, said the Manila branch remains focused on its local clients, and helping international clients access the Philippine markets.

“The Philippine branch was founded on delivering corporate banking solutions for international and local clients doing business in the Philippines, and this remains our focus today,” he assured.

“Deutsche Bank deeply values the trusted partnerships we have built in the Philippines over many decades and we will continue to serve our clients here,” Chua said.

Chua, who replaced retired chief country office Enrico Cruz who has joined Security Bank Corp. as independent director, was most recently head of global markets and global transaction banking in the Philippines.

In July, the German bank confirmed plans to cut 18,000 jobs worldwide over three years as part of a radical reorganization that involves exiting activities related to the buying and selling of shares mostly conducted in London and New York.

Under the plan, Deutsche Bank intends to cut its global workforce to 74,000 by 2022 and that the restructure will cost €7.4 billion over the next three years. It has been struggling for years with the decline of its investment bank and has made several attempts to revamp its business.

It was forced to undertake the massive reorganization program after merger talks with Commerzbank bogged down.

This year, Deutsche Bank was named best service provider in the Euromoney trade finance awards, and named Best Domestic Custodian in The Asset Triple A Awards.

Last year it was named best service provider in the Euromoney cash management awards. It also operates a well-established fixed income and foreign exchange markets business in the Philippines, as part of its investment bank.

Earlier this year, the local Deutsche Bank trading team was named as the top local currency bond trader for 2018 in a survey by The Asset, and last year the bank ranked as the number two fixed income dealing participant among foreign banks operating in the Philippines. It was also recognized as one of the top five issue managers or arrangers in 2018.