Deutsche Bank has hired Robert Rankin as chief executive officer, Asia Pacific (ex Japan). He will start on 10 June, replacing Colin Grassie, who is returning to Europe.

Mr Rankin will be based in Hong Kong and report to Juergen Fitschen, a member of Deutsche Bank’s management board and global head of regional management.

Prior to joining Deutsche Bank, Mr Rankin was head of investment banking, Asia Pacific, at UBS. He was also a member of the UBS Asia Pacific management committee and of the UBS investment banking board, as well as chairman of the management advisory committee of the UBS Securities joint venture in China.

Mr Fitschen said: “Asia has continuously grown its significance for Deutsche Bank’s global franchise. Under Colin’s stewardship we have gained market share in all our core businesses in Asia; we continued to invest and are committed to further expansion. Robert is one of Asia’s most high profile and successful investment bankers and his appointment highlights our considerable further ambitions in the region.”