Deutsche Bank plans to expand in Hong Kong
7 May 2008
Deutsche Bank has announced plans to lease up to 18 floors in Hong Kong's new International Commerce Center, giving it capacity to nearly triple its staff there, the Wall Street Journal reported. The bank appears to be bucking a global trend among its peers, who are laying off staff and focusing on home markets, according to the newspaper. Deutsche Bank plans to increase its personnel in Hong Kong to 2,800 by 2010, when it will begin renting an initial 12 floors in the building. The International Commerce Center's first phase is Hong Kong's tallest tower and the world's third-tallest. The bank is also expanding in mainland China. It recently increased its stake in Harvest Fund Management, a mainland firm, to 30% from 19.5%. In March it also raised its stake in Hua Xia Bank to 13.7% from 9.9%. Deutsche Bank's chief executive for the Asia-Pacific region, Colin Grassie, says the bank is looking for a partner to create a joint-venture securities firm.
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