Ravneet Gill has been appointed as the chief executive officer of Deutsche Bank AG in India. Gill, who headed the capital markets and treasury verticals until now, has been inducted into the bank’s Asia-Pacific executive committee as a member.
Gill takes over from Gunit Chadha who has been promoted as co-CEO, Asia-Pacific, and a member of the global group executive committee of Deutsche Bank.
VCCircle had earlier reported that Gill was one of the candidates being considered for the CEO’s role besides some executives outside Deutsche Bank.
Out of his total 26 years in banking, Gill has spent 21 years with the German bank across portfolios like structured financing, foreign exchange, transaction banking, risk management and private banking. He had joined Deutsche Bank in 1991 in private wealth management and moved to the corporate bank in 1993. In 2003, Gill took over as head of corporate banking coverage and held the position till December 2008 when he was appointed head of coverage for global markets.
Deutsche is the fifth largest foreign bank in India in terms of number of branches, behind StanChart, HSBC, Citibank and RBS (as of April 30). It received the RBI nod to open two more branches earlier this year. Currently, India is the fifth largest market for the bank.
For the year ended March 31, 2012, Deutsche Bank recorded 31 per cent rise in net profit to Rs 823 crore even as its loan book shrunk marginally to close at Rs 28,626 crore. The bank’s retail business came out of the red last fiscal although it remained a small portion (just over 10 per cent) of its overall loan book. The bank had exited its credit card business last year, selling out to IndusInd Bank.
(Edited by Sanghamitra Mandal)