Deutsche Bank India MD & CEO Gunit Chadha, who has been credited with turning around the German bank's operations here, will assume charge as the co-CEO of the group's Asia Pacific operations from Friday.
Mumbai: Deutsche Bank India MD & CEO Gunit Chadha, who has been credited with turning around the German bank's operations here, will assume charge as the co-CEO of the group's Asia Pacific operations from Friday.
He will also become a member of the global group executive committee.
Chadha, 50, will take charge as the co-Chief Executive from tomorrow and will be based in Singapore, the bank said Thursday.
Deutsche Bank (DB) Group has not finalised Chadha's successor yet. A company source said they are yet to identify a candidate and the search for a new CEO is on.
Chadha's elevation to the global executive committee is significant as this makes him a member of the exclusive club of the 18 top executives in the largest German lender.
Among the these top executives, the No 2 is Anshu Jain, who will take over as the global group co-CEO in Berlin tomorrow.
Under Chadha, who joined Deutsche Bank India as chief executive in August 2003, the India operations of the bank saw profits soaring and became the fifth largest franchise for the German powerhouse.
During his tenure, the India franchise recorded a five-year compounded annual growth rate of 38 percent in net profit and 25 percent in revenues.
As profits and businesses grew under him, so did the headcount, which increased from 500 in 2003 to over 9,000 now.
Under Chadha's mantle, DB India was on many occasions awarded 'the best investment bank" by the Euromoney magazine.
Chadha, who is an alumni of St Stephen's and IIM-A, also holds an advanced management degree from the Wharton School of the University of Pennsylvania.
He is credited with building a dominant investment banking franchise for DB in India and the new businesses he started include investment banking, equity and sales trading, retail banking, asset management, among others.
Chadha, with over two decades of retail, corporate and investment banking experience in both the US and India, joined DB India from the state-run IDBI Bank.
His previous roles included senior positions at Citicorp Securities in New York and at Citibank, South Asia. He was also a member of IBA's managing committee besides being on the board of Association of Merchant Bankers. He was also a member of the Reserve Bank's technical advisory committee.