Deutsche Bank has made a new appointment for its wealth business in Southeast Asia. Credit: Deutsche Bank AG, Frankfurt am Main.

Deutsche Bank has appointed Esther Wong as a managing director and group head for its wealth management business in Southeast Asia.

Wong’s appointment will take effect in January next year.

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Based in Singapore, she will report to Deutsche Bank vice chairman and interim head of international private bank (IPB) Southeast Asia Anurag Mahesh.

In her new role, Wong will be responsible for enhancing the bank’s presence in Southeast Asia’s private banking market.

She will oversee lending, investing, cash management, one-bank solutions (OBS) as well as inter-generational wealth transfer activities to ultra-high net worth (UHNW) and family office customers of the bank.

Prior to the new appointment, Wong served at JP Morgan for a period of ten years, supervising the UHNW sector. Before that, she worked at UBS for five years.

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Deutsche Bank head of IPB and CEO of Europe, the Middle East and Africa Claudio de Sanctis said: “We see good reason for stepping up investment in Asia.

“In particular, growth rates in India and southeast Asia offer very exciting opportunities and we are delighted that Esther – an experienced and highly regarded private banker, has agreed to join us as we take our business forward.”

Last month, Deutsche Bank hired ex-Credit Suisse banker Jin Yee Young as the new head of its global private banking unit in the Asia-Pacific (APAC) region.

Separately, Sanctis in an interview with Bloomberg highlighted the bank’s plans to make sizable investments in the Middle East and Southeast Asia to further expand its wealth business.