The new head takes up the post to succeed Werner Steinmüller, who is standing down after almost three decades of work at the banking group.

Deutsche Bank has named a new Asia-Pacific head, Alexander von zur Mühlen, taking up the post as of 1 August when Werner Steinmüller retires from the management board on 31 July. Steinmüller will continue to serve the bank in an advisory role until year-end.

Von zur Mühlen joined Deutsche Bank in 1998 after studying business management. Following a variety of roles in investment banking, lastly as co-head of debt capital markets in Europe, he was appointed group treasurer in 2009. In this function he managed the bank’s capital, liquidity and funding. In 2017 he was appointed co-head of global capital markets and one year later named global head of group strategy, in summer 2018. 

Paying tribute to Steinmüller, supervisory board chairman Paul Achleitner said: “In his nearly 30 years of service at Deutsche Bank Werner Steinmüller has been instrumental in developing significant areas of the Group. Both the transaction bank, which he managed for several years, and most recently the APAC business are crucial to Deutsche Bank’s future.”

Earlier this week the Frankfurt-listed bank said its wealth management arm logged a 9 per cent year-on-year rise in revenues reaching €466 million ($506 million) in the first quarter.