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Deutsche Bank Nabs RBS Trade Finance Exec

Deutsche Bank is bolstering its global trade financing services and doing so with some help from a Royal Bank of Scotland veteran, according to Bloomberg reports on Friday (Oct. 9).

An internal memo obtained by Bloomberg revealed that Deutsche Bank has hired Angela Potter to focus on expansion of global trade financing services. Potter most recently served as head of U.K. transaction services at RBS, according to reports.

[bctt tweet=”Deutsche Bank has hired Angela Potter to expand global trade financing services.”]

Her move comes as RBS exits non-U.K. markets for its commercial banking operations. Unnamed sources told Bloomberg that Potter will be working to identify potential new clients as part of a new committee formed by the German bank.

Potter will report as managing director to Daniel Schmand, Deutsche Bank’s head of trade finance and cash management corporates in the Europe, Middle East and Africa regions, according to the memo, which added that the new hire will “work on strategic projects, including our country strategy.”

“With her longstanding expertise in banking and notably the transaction banking space, Angela is well-positioned to provide a fresh perspective on our strategic business priorities,” Schmand said in an email to staff.

Despite the executive’s emphasis on corporate banking efforts, Deutsche Bank recently downsized on that front. The bank has pulled its corporate banking operations out of Russia as part of a strategy to streamline its investment banking arm.

Deutsche also is in the midst of multiple investigations in Russia, according to reports; the bank said last month that it will continue to serve its corporate clients in Russia from offices outside the nation.

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New PYMNTS Report: Preventing Financial Crimes Playbook – July 2020 

Call it the great tug-of-war. Fraudsters are teaming up to form elaborate rings that work in sync to launch account takeovers. Chris Tremont, EVP at Radius Bank, tells PYMNTS that financial institutions (FIs) can beat such highly organized fraudsters at their own game. In the July 2020 Preventing Financial Crimes Playbook, Tremont lays out how.

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