Deutsche Bank has hired the former head of securities services at Standard Chartered’s China branch for a similar and newly created role.
Tony Chao has been named Greater China head of securities services for Deutsche Bank, where he will be responsible for its strategy in the region, covering mainland China, Hong Kong and Taiwan.
Based in Shanghai, he will report to Anand Rengarajan, head of securities services for Asia-Pacific, and Dirk Lubig, head of global transaction banking in China.
Chao was most recently head of securities services/investors and intermediaries at Standard Chartered Bank (China) for nine years, where led the sales and delivery of products to domestic and global non-bank financial institutions and sovereign clients.
He also worked in the securities services division at JP Morgan and as regional sales manager for BNY Mellon, both in Singapore.
“There is no doubt that global institutional investors will play a much bigger role in Greater China’s capital markets, and we are well positioned to offer them best-in-class securities services capabilities and local expertise on the ground. Tony’s appointment reinforces our commitment to bridge Greater China with global markets for our clients,” said Lubig.
Deutsche Bank is among the top five foreign QFII and RQFII custodians in the region, and a CIBM bond settlement agent in China.
China has become an increasing point of focus for custodians, as local regulators continue to liberalise its capital markets to encourage foreign investment.
Citi recently named its new leadership for the markets and securities services business in China.