LONDON - Deutsche Bank has announced the immediate appointment of Vathany Vijayaratna as the new CEO of its UK and Ireland operations, pending regulatory approval. Vijayaratna, a veteran at the bank since 2002, takes over from Nicola Atkinson, who served as interim CEO and will continue in her role as COO.
Vijayaratna's promotion comes at a significant time for Deutsche Bank, which has recently focused on expanding its reach in the UK corporate sector. This strategic move was highlighted by the bank's acquisition of Numis, a prominent London-based stockbroker and corporate adviser, for approximately £410 million in April. This acquisition is seen as a step to fortify the bank's 150-year legacy in the region.
Despite facing challenges such as an eight percent decline in profit due to lower investment banking revenue, Deutsche Bank's third-quarter earnings still managed to surpass expectations. This performance was bolstered by stronger results from its retail and corporate banking divisions.
In her statement, Vijayaratna expressed her honor at being named CEO and outlined her intention to drive growth within the UK and Ireland region. Her previous roles within the bank have included Global Head of FIC Structuring and, more recently in 2022, head of non-financial risk. Fabrizio Campelli, a board member responsible for the UKI region, praised Vijayaratna for her profound understanding of the bank and her extensive experience working with global clients across various asset classes.
InvestingPro Insights
Deutsche Bank, represented by the ticker DBKGn, has shown some promising trends according to InvestingPro data and tips. The bank has a consistent track record of increasing earnings per share, a strong indication of its financial health and profitability. Further, two analysts have revised their earnings upwards for the upcoming period, suggesting a positive outlook for the bank's financial performance.
InvestingPro data shows Deutsche Bank's market capitalization stands at a substantial 22588.24M USD. The bank's Price to Earnings (P/E) ratio, a key metric used to evaluate a company's relative value and profitability, is at 4.56, indicating the bank is currently undervalued. Additionally, Deutsche Bank's revenue for the last twelve months as of Q3 2023 was an impressive 28722.91M USD.
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