JOHANNESBURG, Nov 25 (Reuters) - Deutsche Bank
has hired a team of four bankers from HSBC to bulk up its
private banking business in South Africa, according to an
internal memo seen by Reuters on Thursday.
Despite pledging to cut 18,000 staff as part of a
restructuring in 2018 - a process it is only part of the way
through - Deutsche is beginning to build back up in certain
areas, namely its investment bank.
Paul Sayers will lead the team as Deutsche's head of
international private bank (IPB) Africa, joining the lender on
Dec. 1, the memo said.
"The Middle East and Africa region offers a significant
growth opportunity for IBP," the memo said, adding its
decades-old presence in Egypt, Nigeria and South Africa leaves
it well positioned.
Executives told Reuters in October the bank saw a range of
growth opportunities in Africa. The bank said on Thursday it
aimed to solidify, grow and diversify its client book on the
African continent.
Sayers has 19 years of wealth management experience and has
worked previously with ultra-high net worth African clients,
particularly from South Africa, Deutsche said.
The three other members of Sayers' team, who have already
worked together for a number of years, will be based in Zurich.
It did not say where Sayers would be based.
(Reporting by Emma Rumney; Editing by Kirsten Donovan)
HSBC Holdings (HSBA)