Deutsche Bank appoints Annett Viehweg as chair of Russian board

By bne IntelliNews November 6, 2015

Deutsche Bank has appointed Annett Viehweg as chairwoman of the board of its beleaguered Russian unit.

Viehweg, who recently headed Deutsche Bank's global network banking for Central and Eastern Europe, the Middle East, and Africa, replaces Joerg Bongartz, who left the post in September after nine years in Moscow. Bongartz will relocate to Frankfurt and assume a senior role for the Central and Eastern European business.

The German lender insists the departure of Bongartz was unrelated to the scandal that erupted in September around allegations that its bankers laundered money on behalf of its clients.

The bank said in a e-mailed statement that Viehweg has "devoted more than 15 years of her career to Deutsche Bank in Russia'' and held several roles related to coverage of international companies in Russia and Russian corporate clients.   

The trading scandal has led to the closure of Deutsche Bank's investment banking operation in Moscow and the loss of at least 200 jobs. Investigators from the US and European regulators are looking at the bank's use of so-called "mirror-trading'' involving about $6bn of transactions over four years.

Deutsche set aside an additional $1.3bn in litigation reserves in the third quarter to cover any costs incurred over the alleged wrongdoing.

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