Deutsche Bank's China JV hires CCB’s Jiang Peixing

Jiang is expected to help manage Deutsche Bank’s venture with Shanxi Securities Co.

Deutsche Bank AG's Chinese securities joint venture hired Jiang Peixing from China Construction Bank Corp.'s investment banking unit, said three people with knowledge of the matter.

Jiang, deputy chief executive officer of China Construction Bank International Ltd., will help manage Deutsche Bank's venture with Shanxi Securities Co., the people said, asking not to be identified before an announcement. His appointment is subject to approval by China's bank regulator, one person said.

Deutsche Bank, Germany's largest lender, has been hiring senior bankers for its China operations after CEO Josef Ackermann made Asia a key part of his strategy to double pretax profit at its operating businesses to 10 billion euros ($12.9 billion) this year from 2009 levels. The bank lost at least two senior executives to Chinese rivals in 2010.

Chinese companies raised $134 billion in stock sales at home and abroad last year, a 73 percent increase from 2009, according to data compiled by Bloomberg.

Deutsche Bank received a license in July 2009 to offer investment banking services in China with partner Shanxi Securities. Their joint venture, Zhong De Securities Co., ranks second this year among underwriters of share sales in Shanghai and Shenzhen after UBS Securities Co., according to data compiled by Bloomberg. Foreign banks must form ventures with Chinese rivals to manage local stock and bond sales.

Jiang declined to comment, as did Mark Bennewith, a Singapore-based spokesman at Deutsche Bank. Charles Wang, Deutsche Bank's former head of China corporate finance, is CEO of Zhong De Securities.

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Tags: Jiang Peixing Deutsche Bank China, Deutsche Bank China JV hiring, Deutsche Bank China JV Jiang Peixing