Deutsche Bank triples its capacity in Hong Kong

Deutsche Bank today announced that it will triple its office capacity in Hong Kong by 2010 to meet its growth projections. To allow for staff expansion from 1,500 currently to up to 4,000 and to house all divisions and supporting infrastructure groups into one building, Deutsche Bank has signed an agreement to lease up to 18 floors in the International Commerce Centre (ICC) in Kowloon, Hong Kong.

Occupancy in ICC is expected to commence from the third quarter of 2010, with an initial twelve floors. Deutsche Bank’s overall space commitment and expansion options total 62,000m2 gross in the new ICC A Grade commercial development, which is one of the most environmentally advanced in Hong Kong.

Colin Grassie, CEO Asia Pacific, Deutsche Bank said, “We are experiencing rapid growth in the region and in Hong Kong in particular. Our decision to move to ICC in 2010 secures world-class facilities that can accommodate our continued expansion and leading edge technology requirements.”

Peter Lo, Hong Kong Chief Country Officer, Deutsche Bank said, “The move to ICC marks a milestone in Deutsche Bank’s 50 year history in Hong Kong and clearly shows the depth of our commitment to the city and the confidence we have in its further development as a regional financial centre.”

Hong Kong is a major regional hub for Deutsche Bank which has built its investment banking, transaction banking, asset management and private wealth management businesses into leaders in size and innovation in the market. Hong Kong based staff numbers have grown by over 60% to 1500 since 2005, with revenues more than tripling over the same period.