Deutsche Bank Australia chief steps down
(13 January 2017 – Australia) Deutsche Bank's head of Australia, Michael Ormaechea, will retire after 22 years at the bank according to a company-wide memo.
Ormaechea, led the bank’s global markets division in Asia Pacific, and was the chief country officer for Australia.
According to the memo, David Lynne and James Boyle would become co-heads of global markets in Asia Pacific in addition to their current roles in Fixed Income & Currencies APAC and Equities APAC respectively.
The bank did not name a successor to head Australia, however said it plans to make that announcement in "the near future."
Asia Pacific Chief Executive, Werner Steinmüller told staff: [Deutsche was] "committed to our business in Australia, which we consider one of our key markets in Asia Pacific.
"We have built a formidable franchise in Australia, boasting deep client relationships, world class products and structuring capabilities, and excellent connectivity with the rest of our global platform. The marquee transactions we have executed in the past year like Ausgrid, Moly-Cop, Viva Energy, Santos, AOFM and ANZ are a testament to this and reflect the best of what Deutsche Bank can deliver."
Speaking of the departure, Steinmüller thanked Ormaechea for role in leading Deutsche Bank in the Asia Pacific region, saying: We are grateful for his decades of commitment to the bank, the strength of the leadership team he has developed, and his lasting contribution to the success of our platform."
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