Deutsche Bank appoints Ashok Aram CEO for Mena region

Deutsche Bank AG, Germany’s biggest bank, named Ashok Aram as chief executive officer for the Middle East and North Africa, replacing Henry Azzam, who will become non-executive chairman for the region.

Aram moves from Dubai-based private equity company Abraaj Capital Ltd, where he was previously managing director. He joined Abraaj from Deutsche Bank in London in July 2009.

Aram will report to Juergen Fitschen, a member of Deutsche Bank’s management board, and focus on developing the company across the region. He will manage client relationships, implement a growth strategy and safeguard risk and capital, the lender said in an e-mailed statement from Dubai today.

Deutsche Bank employs about 200 people in the Middle East and North Africa region, where it offers investment-banking services, private wealth management, asset management and global transaction banking, according to the statement.

Frankfurt-based Deutsche Bank has vaulted to second place among advisers on bond sales in the Middle East and North Africa from 17th two years ago, according to data compiled by Bloomberg. The lender has advised on six bond sales worth $5.2 billion this year, including the $450 million issue of Dar Al Arkan Real Estate Development Co and the Bahrain government’s sale of a $1.25bn bond in March.