(Bloomberg) — Ian Long, head of Asia equity capital markets at ICBC International Securities Ltd., has left the bank to join Deutsche Bank AG.

The Hong Kong-based banker will be vice chairman for investment banking coverage and advisory in Asia at Deutsche Bank, according to an internal memo seen by Bloomberg News. Long had previously worked at the German lender as head of China equity capital markets until he left in June 2014.

In his new role, Long will help drive private and public fundrasing deals for the bank’s clients in Asia, including working with its ECM and financial sponsors teams, the memo showed.

Deutsche Bank is in the midst of rebuilding its ECM business in Asia after having shuttered the majority of its equities business in 2019 and cut 18,000 jobs globally. The bank is looking to hire about 10 to 12 people, Bloomberg News has reported.

The move comes as initial public offerings are midway through what is set to be a banner year, with ultra-low interest rates and ample liquidity fueling a record first half.

In June, Deutsche Bank lost the ability to sponsor Hong Kong IPOs after it failed to replace the staff needed by regulators, dealing a setback to its ECM comeback plans. With Long joining, the bank would have three sponsor principals for its advisory business, a person familiar with the matter said. The bank aims to resume its role as a sponsor bank by end of this month, according to the person, who asked not to be identified as the information is private.

Long joined ICBCI in June 2020 and was previously head of Asia ex-Japan corporate finance and equity capital markets at Mizuho Securities Asia, his LinkedIn profile shows.

Deutsche Bank recently hired Derek Chung as head of its financial institutions group for Asia, as well as Albert Chang, formerly with Orient Securities Co. in Hong Kong, as head of its corporate advisory group for Asia Pacific, according to an internal memo.

Separately, Deutsche Bank recently hired Joseph Lun as a director in its equity capital markets team in Hong Kong, IFR reported, citing an internal memo.

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A representative for Deutsche Bank declined to comment. A representative for ICBCI did not immediately respond to requests for comment.

(Updates with details of Long’s role in second and third paragraphs and Deutsche Bank’s response in ninth paragraph.)

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