Mumbai: Deutsche Bank Group India MD & CEO Gunit Chadha, who has been credited with turning around the German banking leader's operations, is assuming charge as the co-CEO of the group's Asia Pacific operations apart from becoming a member of the global group executive committee.

Chadha, 50, will take charge of his new role as the co-Chief Executive from Friday and will be based in Singapore, the bank said on Thursday.

The DB Group has not finlaised Chadha's successor yet. A DB source said they are yet to identify a candidate and a search is on to find a new CEO.

Chadha's elevation to the global executive committee is significant as this makes him one of the members of the exclusive club of the 18 top executives in the largest German lender, among whom the No 2 is none other than Anshu Jain who also assumes his new role as the global group co-CEO in Berlin tomorrow.

Under Chadha, who joined Deutsche Bank India as chief executive in August 2003, the India operations saw its profits soaring and became the fifth largest franchise for the German powerhouse, which was one of the few banks that did not seek government bailouts following the 2008 credit crisis.

Under him, the India franchise recorded a five-year compounded annual growth rate of 38 percent in net profit and 25 percent in revenues. During his tenure, DB India saw its profit rising up from Rs 170 crore in 2003 to Rs 630 crore in 2011, while the balance sheet soared over six-folds from Rs 5,849 crore in 2003 to Rs 28,679 crore in 2011.

As profits and businesses grew under him, so was the headcount, which increased from 500 in 2003 to over 9000 now. Under Chadha's mantle, DB India was repeatedly awarded 'the best investment bank" by the Euromoney magazine..

Chadha, who is an alumni of St Stephen's and IIM-A, also holds an advanced management degree from the Wharton School of the University of Pennsylvania.

He is credited with building a dominant investment banking franchise for DB in India and the new businesses he started include investment banking, equity and sales trading, retail banking, asset management, among others.

Chadha, with over two decades of retail, corporate and investment banking experience in both the US and India, joined DB India from the state-run IDBI Bank.

His previous roles included senior positions at Citicorp Securities in New York and at Citibank, South Asia. He was also a member of IBA's managing committee besides being on the board of Association of Merchant Bankers. He was also a member of the Reserve Bank's technical advisory committee.

(Agencies)

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