Deutsche fires up its Asia ambitions

FOR A STATEMENT confirming a hire long in the signing and dramatic in its impact on Asian investment banking, the timing and manner of its delivery was ordinary enough. On the afternoon of Sunday July 17 editors and financial reporters across the region received a press release with the following title: “Deutsche Bank appoints Henry Cai Chairman of Corporate Finance, Asia and Head of the Corporate and Investment Bank, China”. There had been rumours in Hong Kong and Beijing for months before the announcement that several foreign banks were on the hunt for Cai, a veteran Chinese banker credited with driving his employer UBS’s unparalleled success in mainland China investment banking deals since he joined in 2006.