Deutsche Bank said on Monday it had appointed Borislav Ivanov as chief country officer for Russia and chairman of its local board.

Ivanov, who is moving from his position as Deutsche Bank head in Ukraine, is replacing Annett Viehweg, but is yet to get regulatory approval.

Deutsche Bank said in a statement that it was committed to continuing to develop its presence in Russia. It said its Russia investment banking business would continue to be managed from global hubs.