Deutsche Bank has announced that Lee Zhang is to become its new chief country officer for China following the departure of Wei Ding. Zhang is currently head of global corporate finance for Greater China and will continue to report to both Philip Crotty, the bank's Asian head of corporate finance and Ken Borda, CEO for Asia.

Wei Ding, meanwhile, is to return to the World Bank in Washington, but will not completely cut his ties with Deutsche, as he will retain the role of special advisor. The bank also says that it will appoint a new chief representative for its office in Beijing.

Commenting on the moves, Borda says, "Greater China is an important growth market for Deutsche Bank and Lee Zhang will provide strong and experienced management to lead the future development of our franchise. We are also pleased that Wei Ding has agreed to stay on for a few more months to work with management and support our growing business. He has played a valuable role in the development of our business in China."