The Bangko Sentral ng Pilipinas (BSP) said the ongoing radical restructuring of Frankfurt-based Deutsche Bank AG would have no impact on the business operations of the German bank in the Philippines.
BSP Deputy Governor Chuchi Fonacier told The STAR the current businesses of Deutsche Bank in the Philippines are in transaction banking, fixed income and foreign exchange as well as financing.
“Fortunately, the restructuring will have no impact to the business divisions of Deutsche Bank Manila branch,” Fonacier said.
Under the bank’s strategic transformation, Fonacier said the ailing bank intends to focus on the key business areas in the Philippines.
“This will, in fact, allow the bank to allocate more resources to these areas. So, there is no impact in the Philippine banking landscape,” she said.
Deutsche Bank obtained a full commercial banking license in the Philippines in mid-1995, after operating as an offshore banking unit in Manila since 1977.
In 2011, the Bangko Sentral ng Pilipinas (BSP) granted a universal banking license to Deutsche Bank. The bank offers local markets advice and execution in debt and equity financing; interest rate, fixed income, equity, foreign exchange and derivatives trading; advice on mergers and acquisitions; transaction banking products and services for cash management, custody and trade finance.
In the debt markets, the bank is a leading arranger of global bonds and has participated in multiple transactions for the Philippines as well as for prominent corporate and banking institutions. It has also been recognized for its role as an international lead underwriter and arranger for IPOs, follow-on offerings and similar equity capital market offerings for some of the biggest Philippine companies.
The Deutsche Bank Group also consists of the subsidiary Deutsche Knowledge Services Pte Ltd.
Its equities platform – Deutsche Regis Partners – offers research, sales, trading, and execution services to its foreign and local institutional clients. Its primary goal is to deliver value to its clients by providing sound financial advice.
The Deutsche Bank Group employs more than 2,000 people in the Philippines.
Early this month, the German bank confirmed plans to cut 18,000 jobs worldwide over three years as part of a radical reorganization that involves exiting activities related to the buying and selling of shares mostly conducted in London and New York.