Anshu Jain to take over Deutsche Bank reins this week

Marking the ascendance of another Indian in the global financial system, well known investment banker Anshu Jain will take over the reins of German banking giant Deutsche Bank as co-CEO on Friday.

The 49-year-old banker, well-respected for maintaining high profits at Deutsche Bank's investment banking operations during the 2008 financial meltdown, would take over at a time when the banking sector globally is grappling with regulatory and economic challenges.

An economics graduate from the Delhi University, India-born Jain also holds an MBA in Finance from the University of Massachusetts Amherst.

Currently based in London, Jain heads Corporate & Investment Bank business of Deutsche Bank, whose other co-CEO would be Juergen Fitschen.

Jain is likely to provide a glimpse of future strategy along with Fitschen, when incumbent Josef Ackermann formally hands over the leadership to them at the annual shareholders' meeting in Frankfurt on Thursday.

The new co-CEOs would officially take charge the following day.

Though less impacted by the financial crisis, Deutsche Bank is still in the process of addressing issues related to its role in the global economic meltdown in the wake of sub-prime lending in the US housing market.

Jain would be joining the likes of India-origin Vikram Pandit , who has been steering US banking major Citigroup since 2008.

Associated with Deutsche Bank from 1995, Jain has been a member of the banking group's Management Board since 2009.

"In addition to his Deutsche Bank commitments, Anshu Jain has served on working groups advising the Indian government on inward investment and the UK government on financial services," according to Deutsche Bank website.