HONG KONG (Reuters) – UBS Group’s China country head David Chin has stepped down from the role but will remain the bank’s head of investment banking for Asia Pacific, according to a source with direct knowledge of the matter.

The bank will appoint Eugene Qian, who heads UBS Securities, the Swiss bank’s majority owned mainland joint venture, as China country head, the source said.

UBS declined to comment. An official statement is due later on Thursday.

The leadership change was first reported by Bloomberg News.

(Reporting by Scott Murdoch in Hong Kong; Editing by Muralikumar Anantharaman)