Deutsche Bank has made a key strategic move by appointing Kenneth Borda as its CEO for the Middle East and North Africa. His appointment follows an annoucement in March by DB chairman Josef Ackerman, who said the group plans to develop the Middle East and North Africa region.
Borda will take up his new position at the beginning of May and report to Juergen Fitschen, a member of Deutsche Bank's group executive committee, who is also responsible for regional management. He will continue to hold the position of chairman, Asia-Pacific.
Prior to the appointment he was also DB's chief executive in Asia-Pacific, a role he held for three years. In April, Colin Grassie took on this role.
Borda's move also follows a recent announcement that sees DB team up with Saudi Arabia's Prince Alwaleed bin Talal, the Binladin Group and other companies in the Kingdom to offer financial services. Deutsche Bank has been making a big push to develop the MENA (Middle East and North Africa).
In 2003, the group was the first Western lender to secure a licence to operate in Saudi Arabia since the Kingdom had nationalised the industry back in 1980.
Recently, the bank named Nadim Zaman as head of transaction banking for the Middle East.
"The addition of this senior management role in the Middle East and North Africa reflects the significant level of business momentum and opportunity we see in the region," says Fitschen. "There's considerable potential to develop business relationships from the Middle East and North Africa and strong interest in achieving greater connectivity with Europe and Asia."