Werner Steinmueller is the new Global Head of Global Transaction Banking (GTB) at Deutsche Bank, which includes the sub-custody business of the German bank. Deutsche sold its global custody business to State Street two years ago.
Steinmueller is an insider, having joined Deutsche Bank in 1991, and serving most recently as Chief Operating Officer for GTB worldwide. Deutsche says Steinmueller’s brief now is achieve closer regional and divisional cooperation between the GTB areas, which include Cash Management and Trade Finance as well as Trust & Securities Services.
“We want to build on our established product expertise and our market-leading positions in the three regions where we operate: Europe, the Americas and Asia,” says Steinmueller. “Optimized coordination along both client groups, Corporates and Financial Institutions, will deliver a further strengthening of our strategic position in our home market Europe, as well as an increased market share in both Asia and the Americas. “
Cash Management accounts for 50% of the revenues of GTB. The Trust & Securities Services division has a strong position in US trusteeships – it inherited from Bankers Trust a major franchise in US asset backed and mortgage backed securities – and a sub-custody and clearing network that covers 26 domestic markets.
“The Global Transaction Bank is a strategic business within Deutsche’s Global Banking division,” says Michael Cohrs, Head of Global Banking at Deutsche. “The combination of our coverage approach, a comprehensive range of products and our global network cements our position as a global leader. I am confident that our aligned approach will result in an increase in client satisfaction.”