Deutsche Bank has named a new head of its securities services business in Indonesia, a key market within its Asia-Pacific (APAC) strategy.
Samir Dhamankar will be responsible for spearheading Deutsche Bank’s fund administratioN and custody businesses in Indonesia. He will also oversee its Global Transaction Banking franchise in the country, which includes corporate cash management, trade finance and institutional cash management services.
During his 14-years with Deutsche Bank, Dhamankar has held several leadership roles across product management, sales and market advocacy. He has also worked for several leading financial institutions in India in the banking and capital markets segments.
“We are delighted to see exceptional talent like Samir embrace new career opportunities across borders within our bank. Indonesia is one of our fastest growing markets and his product and market expertise will be invaluable in his new role,” said Anand Rengarajan, head of securities services, APAC, Deutsche Bank.
Despite Indonesia’s economy being hit by the global pandemic, it is regarded as one of the most attractive emerging markets in Asia for investors. It is also a key market for Deutsche Bank’s regional securities services strategy where it has implemented enhanced connectivity services for foreign investors.
Last year, it partnered with BNY Mellon to develop a joint custody FX solution aimed at significantly improving confirmation times for restricted emerging markets currency trades, starting with the Indonesian Rupiah and the Indian Rupee.
“As Indonesia remains one of the most attractive destinations for Emerging Markets investors allocating capital to Asia and as global companies are expanding their presence in Asia, we are well positioned to help our local and multinational corporate and institutional clients with their banking needs in Indonesia, with our long-standing and growing franchise,” added Siantoro Goeyardi, chief country officer, Indonesia, Deutsche Bank.
Earlier this year, State Street axed Deutsche Bank as its sub-custodian in over a dozen countries, including Indonesia.