Deutsche Bank is the big Asean winner as trade flows shift

The German lender’s decision to put its chips on southeast Asia is paying off handsomely. Under the leadership of Asia CEO Alexander von zur Mühlen, Deutsche Bank has doubled its capital in Vietnam and Indonesia, with more to come, moved a host of global roles to the region, and has seen Asean eclipse its India and China business in terms of growth and absolute numbers.

Rewind to the pre-Covid era, and you find Deutsche Bank at a crossroads. In July 2019, just over a year after being named chief executive, Christian Sewing described plans to transform the German lender as “nothing short of” a complete reinvention. Senior executives were axed. Entire businesses were closed.