The decision comes as Hong Kong is embroiled in unprecedented political turbulence after more than a year of anti-government protests and now in the cross-hairs of a broader fight between U.S. and China. In an intense rivalry with Singapore, Hong Kong has long been a hub for Asian finance, with nearly all of the major global banks, including Goldman Sachs Group Inc., JPMorgan Chase & Co. and Citigroup Inc., having their top regional executive in the city.
(July 16): Deutsche Bank AG new Asia chief executive officer will be based in Singapore, picking the city over Hong Kong at a volatile time for the Chinese territory.
Alexander von zur Muehlen, the new CEO for Asia-Pacific, is relocating from Frankfurt when he takes over the job at the start of next month, according to a bank spokeswoman. His predecessor, Hong Kong-based Werner Steinmueller, is retiring at the end of July. Kamran Khan, the bank’s new head of environmental, social and governance for the region, will also be based in Singapore, moving from the U.S.
