Werner Steinmueller has been named CEO for Asia Pacific at Deutsche Bank and is set to leave his role of head of global transaction banking.

He will be based in Hong Kong from September 1, the first time Deutsche has had a management board located in the region, in which it employs 20,000 people.

His old position will be occupied by John Gibbons, who joins from JP Morgan where he was most recently regional executive for Emea, global head of banks and broker dealers for treasury services. Gibbons previously worked at Deutsche Bank between 1992 and 2001.

He will be based in London, reporting to Jeff Unwin, head of corporate and investment banking, and will take up his role in October.

Unwin says: “I am grateful to Werner for his long-standing leadership in global transaction banking and look forward to continuing our work together on the management board. In John Gibbons, we have recruited a seasoned, trusted professional to Deutsche Bank. He has the right combination of client focus and experience in running a transaction bank to manage our business for the future.”