New Delhi: German lender Deutsche Bank said in a statement that Asia Pacific chief executive and former head of Indian operations Gunit Chadha has decide to put down his papers.
Deutsche Bank has posted on its website that Chadha’s exit will be effective from July 17. Also the post did not mention any reasons for Chadha’s decision to leave.
This is the second high profile exit from the bank, after it had announced a €6.8 billion (Rs. 52 thousand cr approx.) loss for the year ended December 2015.
“I am grateful to Gunit for his contributions to Deutsche Bank and especially for his role in developing our valuable presence across 16 countries in Asia Pacific,” said John Cryan, co-CEO in an official statement. He added, “We will announce Gunit’s successor in due course.”
Chadha joined Deutsche Bank as the country CEO from the state-run IDBI Bank in 2003 and under his leadership, the German lender’s employees grew to 10,000 from 500. Under Chadha, the bank entered a slew of businesses in the country, including investment banking and retail banking.
Chadha became the second top executive at Deutsche Bank, after former global co-CEO Anshu Jain left the bank last year. His future plans are not immediately known.
After spending nearly a decade in India, Chadha was made the co-CEO for APAC region in 2012 and designated as the CEO in 2015 to head the business in 16 countries, including India, Asean, Greater China, Australia and Japan.
Five of the top 10 countries by operational profit for the bank in 2015 were from APAC, where it witnessed a 26 per cent compounded profit growth between 2012 and 2015 under Chadha’s leadership.
(With PTI Inputs)
