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Deutsche Bank sponsors ART HK: Signs of new confidence

Nov. 16 (Bloomberg)
Deutsche Bank AG signed a five-year sponsorship accord with ART HK, an annual Hong Kong art fair, in a step that complements the bank’s drive to expand in Asia.
The fair next takes place from May 27-May 30, 2010. On the Web site, it describes itself as “the leading showcase for international modern and contemporary art in Asia” and says more than 110 galleries from 24 countries will participate.
“Our sponsorship of ART HK reflects the importance and the growth of Deutsche Bank’s operations in the Asia-Pacific region,” Michael West, a spokesman for the bank, said in a press release. “The successes of ART HK in 2008 and 2009 show the high demand for a world-class art fair in the region.”
The parties declined to disclose details of the contract. Deutsche Bank will be the main sponsor of ART HK.
Deutsche Bank Chief Executive Office Josef Ackermann wrote in a letter to staff earlier this month that the bank aims to expand its corporate and investment banking and transaction banking in Asia. It also aims to double the size of private wealth management, he wrote.
The bank today announced separately that it has hired five new managers for its equity sales operations in Hong Kong, Singapore and Mumbai.
Deutsche Bank has one of the world’s biggest corporate art collections with about 50,000 works from the past 100 years. It runs a joint venture with New York’s Solomon R. Guggenheim Foundation in Berlin -- the Deutsche Guggenheim gallery. It also sponsors the Frieze art fair in London.

By Catherine Hickley