Deutsche Bank announced today that it will combine its Wealth Management and Private and Commercial Business International units into a new International Private Bank, serving 3.4 million private, wealth and commercial clients.
The International Private Bank will bring together Wealth Management's globally connected 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 business will have around €250bn of assets under management and a combined revenue of approximately €3bn.
Combining our internationally focused Private Bank businesses will allow us to develop our market share within and across local markets."
Claudio de Sanctis, most recently global head of Wealth Management, will become head of the International Private Bank and CEO of the EMEA region.
Karl von Rohr, Deutsche Bank's president and head of the Private Bank, said: "This exciting combination is the next step in the Private Bank's transformation announced last July. I am delighted that Claudio will lead our new growth pillar."
"He has made a major contribution since joining Deutsche Bank in December 2018 and possesses all the qualities and energy needed to lead this strategically vital business for Deutsche Bank."
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."