HONG KONG (Reuters), UBS Group’s China head David Chin has resigned, but will still be head of Asia Pacific investment banking at the bank, according to a source familiar with the matter.

According to a source, Eugene Qian will be appointed as China Country Head by the bank. Qian is the head of UBS Securities in Switzerland, which is majority-owned on the mainland.

UBS did not respond to our request for comment. A statement from UBS is expected later Thursday.

Bloomberg News reported first on the leadership shift.