Deutsche names new chief in UK

DEUTSCHE Bank has appointed Colin Grassie to the newly-created post of UK chief executive, in preparation for a drive to build up its share of the British banking marketplace.<br /><br />The German lender said Grassie, who previously served four years as the bank&rsquo;s Asia-Pacific chief executive, would be responsible for developing its UK franchise, including building relationships with government, regulators and key clients.<br /><br />Grassie&rsquo;s appointment will see the chairman of Deutsche Bank London, Charles Aldington, step aside to become a senior adviser, consulting on crucial client relationships.<br /><br />People close to the bank said the appointment signalled its intention to grow in the UK marketplace, which has seen the number of foreign lenders decline since the onset of the financial crisis.<br /><br />However, the source was unable to say whether Deutsche Bank&rsquo;s plans will be driven by organic growth or by acquisitions.<br /><br />Grassie will be replaced in Asia Pacific by Robert Rankin, the former head of investment banking in the Asia Pacific region for Swiss lender UBS.