Deutsche Bank AG (NYSE:DB) has announced the appointment of Dominik Hennen as the head of its newly formed personal banking division. The announcement was made on Wednesday. The new division will oversee the retail activities of both Deutsche Bank and Postbank brands, serving a majority of the Private Bank's 19 million customers.
Hennen, who is set to join the bank next month, is currently serving as the Chief Transformation Officer in the Germany retail division at Talanx AG. His new role will have him report to Lars Stoy, Head of the Private Bank in Germany.
The formation of this new division comes after Deutsche Bank experienced significant IT issues affecting its Postbank brand customers post systems integration. The bank had announced the completion of this integration, known as Project Unity, in early July. However, two months later it faced criticism from German banking supervisor Bafin due to a large number of client complaints.
Claudio de Sanctis, member of Deutsche Bank's Management Board and Head of the Private Bank, expressed confidence in Hennen's leadership abilities and his capability to drive growth for their German retail business. "Dominik Hennen is a leader who knows how to efficiently target a business model to meet the needs of customers," he said.
Lars Stoy added that Hennen's experience in implementing major transformation processes at financial service providers would be crucial as they continue to digitalise their processes, products, and services.
Hennen's career spans various management positions at insurance group Talanx since 2017. He was responsible for digital transformation at HDI Versicherungen and overhauled customer service operations as interim Head of Operations. From 2017 to 2021, he was Chief Sales and Marketing Officer at PB Lebensversicherung where he established new digital distribution channels. He also managed the company's sales partner relationship with Postbank for five years.
In his statement, Hennen expressed optimism about the potential of the retail business and the opportunity to work with Deutsche Bank's team. "The outlook is good following the completion of the IT migration providing room for new growth initiatives," Hennen said.
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