Deutsche Bank Cayman launches new service

(CNS): As wholesale money markets normalise, Cayman will be a vital jurisdiction from which to offer foreign exchange services as clients seek expertise to protect their positions or take advantage of exchange rate movements, Deutsche Bank says. Therefore, the bank has strengthened its ability to deliver Foreign Exchange services in Cayman with the appointment of Paul Tanguy (left), who will head up a new Cayman-based Foreign Exchange business.

In his new role, Tanguy will be responsible for developing a platform to deliver a world class service from Cayman. A release from the bank says he will also work closely with the Bank’s local team of Relationship Managers to support them with knowledge of the major money and foreign exchange markets. By developing the relationship with Deutsche Bank’s Global Markets team in New York, Tanguy will also ensure that clients booking foreign exchange business through Cayman have access to the Bank’s global money market and foreign exchange expertise.

Tanguy moves to Deutsche Bank in Cayman from Deutsche Bank’s Jersey office, where he worked for the Treasury team for five years. Prior to that, he held positions within the front and back offices of the Treasury departments at a number of asset management and banking organisations in Jersey. This included working with foreign exchange portfolios for corporate clients and high net worth individuals.

Andrew Falle, Director of Offshore Group Treasury, Deutsche Bank International Limited, said, "Paul’s knowledge and experience will be crucial in developing Deutsche Bank’s Foreign Exchange business in Cayman. His expertise in supporting the team of Relationship Managers will be particularly important given the current turbulence in global markets. It is anticipated that, as wholesale money markets normalise during the course of 2009, clients will seek expertise to protect their positions or take advantage of exchange rate movements. Cayman will be a vital jurisdiction from which to offer services in this respect."

Janet Hislop, Chief Country Officer for Deutsche Bank in the Cayman Islands, added, "Paul is a welcome addition to the team in Cayman. As a result of the jurisdiction’s geographical position, interacting with the major money centres and developing a full foreign exchange offering has been difficult in the past. By drawing on the latest technology and Deutsche Bank’s leading position in global foreign exchange services, however, Paul’s on-the-ground presence in Cayman enables us to develop a first rate foreign exchange service."