Deutsche Bank has made one of the most significant hires of the year in India. On August 22nd it announced the appointment of Gunit Chadha to be its new Chief Country Officer. One of the highest profile bankers in India, Chadha joins Deutsche from IDBI where he had been CEO since 2000. Chadha will be based in Mumbai and will report to Kenneth Borda, CEO of Deutsche Bank Asia Pacific ex-Japan.

Chadha will take over the role of CEO from Douglas Neilson. Neilson will remain in India with the bank and will retain his existing responsibilities as the regional head of credit risk management for India, Pakistan, Sri Lanka and Thailand. In addition he will be given a new global responsibility for Deutsche's plans to develop global processing and outsourcing enterprises in India.

"India is a high priority country in our overall global strategy and we are delighted that Gunit Chadha is joining us," said Borda commenting on the appointment. "We have identified significant further growth potential that can be achieved by leveraging our existing corporate banking strengths. Gunit has a clear mandate to achieve this and to identify further opportunities to significantly grow our business in India."

Chadha learnt his trade at Citigroup, joining the bank in 1984. He had held a variety of senior position within Citi before joining IDBI. These included running the India financial institutions and transaction services team, running the India investment banking team and a stint in New York running Citi's structured finance products for US corporates.

The appointment comes days after it was announced that Deutsche has also established a full service equities business in India, offering research, sales, trading and execution services to local and international institutional investors.