JEDDAH: Deutsche Bank, Germany’s biggest bank, has appointed Thamer Saleh Al-Sedais as general manager of its Riyadh branch.
He will oversee its business activities regulated by the Saudi Central Bank, and will facilitate the ongoing delivery of Deutsche Bank’s products and services to its clients based in the Kingdom. The German lender has operated a branch in the Saudi capital since 2006.
Al-Sedais joined Deutsche Bank Group in Saudi Arabia in 2020 as a director in the wealth management division.
Before joining the bank, he held several senior treasury and wealth management sales positions at the Saudi British Bank and NCB Capital.
He holds a master’s degree in financial economics from California State University in the US.
Deutsche Bank is aiming to return to profitability after more than €15 billion ($18.2 billion) in losses over the past five years.
It announced in December that it plans to cut more costs in order to meet its profitability target for 2022, in addition to leaving some businesses and reducing staff by 18,000, Reuters reported. Deutsche Bank forecasts revenues of €24.4 billion by 2022.
In November 2020, Moody’s removed a negative outlook on the bank’s credit rating, saying it had progressed to a firmer strategic footing.
The improved performance in 2020 was mainly driven by increased sales and trading revenues, which climbed 47 percent in the third quarter, the Financial Times reported. Analysts expect the bank to return to profit in 2021, Reuters reported.