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(Bloomberg) – UBS Group AG’s Asia-Pacific investment banking director David Chin has resigned to retire from the bank five years after he was brought back to help bolster the Swiss lender’s China business.

Chin, 54, will be replaced by Taichi Takahashi, the region’s head of global markets, according to an internal memo Thursday that confirmed an earlier Bloomberg News report. A Hong Kong-based spokesperson confirmed the contents of the note.

His retirement from banking comes at a time when global investment banks are rocked by heightened geopolitical tension between the United States and China as well as a sharp slowdown in the world’s second-largest economy. The company’s investment banking revenue in China has fallen by about half this year, although gains in Japan and Australia have helped support its overall business in Asia, people familiar with it said earlier.

Takahashi will take over as head of Asia-Pacific investment banking from Nov. 1, according to the memo from Rob Karofsky, the division’s global head, and Ed Koh, the Swiss bank’s president for Asia-Pacific. Takahashi joined UBS as an equity trader in Tokyo in 1994 and moved to Hong Kong in 2012.

Further changes to global Asia-Pacific markets will be announced “in due course”, according to the memo.

Earlier this year, Chin also resigned as country head of UBS’s China business. He started his career at UBS in 1994, briefly retired from the bank in 2015 before returning in 2017 to become Head of Enterprise Client Solutions for Asia-Pacific. He was named head of Asia-Pacific investment banking in 2019, giving him oversight of global markets business.

Prior to this year’s downturn, UBS’s revenue in mainland China more than doubled to nearly $1 billion in 2021 compared to 2019, becoming the third largest contributor in Asia Pacific, replacing Australia, a familiar person said earlier. Chin also oversaw UBS’s increase in its stake in its China securities business to 67% this year.

The bank recently laid off half a dozen mainland China-based staff in Hong Kong, cutting bankers in businesses including debt capital markets, investment banking and real estate, people said. familiar earlier.

Global revenue at UBS’s investment bank fell 57% in the second quarter in what chief executive Ralph Hamers said was one of the toughest times for investors in a decade.

(Updates with confirmation in second paragraph, successor details in fourth.)

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