Awards for Distinction 2012 – NRI Services


afd2012

Deutsche Bank Private Wealth Management

Amrit Singh

Amrit Singh
Managing Director and Head of Global South Asia
Deutsche Bank Private Wealth Management

Industry estimates peg the quantum of wealth held offshore by the increasingly moneyed Indian diaspora to be in excess of US$70 billion. However, conversations with the industry have repeatedly revealed that “tapping into NRI wealth is no mean feat” and hence, even though it is “a key growth driver” at almost every private bank in the region, NRI banking continues to be an area that is dominated, only by a few banks.Deutsche Bank Private Wealth Management (PWM) has proven itself to be one of these banks. With over €6.9 billion (US$8.9 billion) in assets under management from South Asian clients, Deutsche Bank PWM is able to claim over 10% market share in what even its peers acknowledge is a fragmented and rapidly evolving market. Revenues have grown by 25% in the year to date from a large base; and whilst assets under management is by no means the sole criterion by which Asian Private Banker has adjudged the success of the bank, Deutsche Bank PWM has distinguished itself by the size and market-penetration of its NRI business.

Far harder to quantify, however, is what NRI bankers at Deutsche Bank PWM call the “Anshu-factor” – the “Pied Piper Effect” Deutsche Bank’s Indian-born global Co-Chief Executive Officer, Anshu Jain, has on the global Indian diaspora. Not only does Jain take a keen interest in the bank’s NRI business, he actively reaches out to and meets with NRI clients in a professional as well as private capacity.

Another critical differentiator is Deutsche Bank PWM’s Indian onshore presence. Whilst not an imperative for a flourishing NRI business, an onshore licence allows banks to freely access India’s capital-hungry domestic market and provide several points of onshore connectivity for clients. Critically, Deutsche Bank PWM is also able to offer onshore lending capabilities to its Indian clients.

For clients looking to unlock the value of their assets, the bank’s vast investment banking machinery is another clear advantage. Indeed, Amrit Singh, Managing Director and Head of Global South Asia, spent over a decade as a corporate and investment banker with Deutsche Bank before he made the move to private banking.

For these reasons, Asian Private Banker deems Deutsche Bank Private Wealth Management the deserved winner of this year’s Asian Private Banker Best Private Bank – NRI Services award.