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Europe, News

Deutsche hires team from HSBC to build Africa private banking

(Updates to show Sayers will also be Zurich-based)

JOHANNESBURG, Nov 25 (Reuters) – Deutsche Bank has hired a team of four bankers from HSBC to build up its private banking business in Africa, an internal memo seen by Reuters on Thursday showed.

Despite pledging to cut 18,000 staff as part of a 2018 restructuring, a process it is only part way through, Deutsche is beginning to build back in some areas, including its investment bank.

The memo said Paul Sayers will lead the team as head of Deutsche’s international private bank Africa.

Sayers and the three members of his team, who have worked together for a number of years, will join Deutsche on Dec. 1 and be based in Zurich, Switzerland.

“The Middle East and Africa region offers a significant growth opportunity,” the memo said, adding that Deutsche’s presence over decades in Egypt, Nigeria and South Africa means it is well positioned.

Deutsche executives told Reuters last month that it saw a range of growth opportunities in Africa. The bank said on Thursday it aimed to solidify, grow and diversify its IPB client book on the African continent.

Sayers has 19 years of wealth management experience and has worked previously with ultra-high net worth clients in Africa, particularly from South Africa, Deutsche said. (Reporting by Emma Rumney; Editing by Kirsten Donovan and Alexander Smith)

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