Gunit Chadha is stepping down as CEO of Deutsche Bank in Asia-Pacific effective July 17. In a message sent to bank employees on June 14, Deutsche Bank CEO John Cryan did not say why Chadha is leaving the bank. This adds to a string of departures of senior bankers from the German lender in the past year. Chadha’s successor will be announced “in due course”.

Chadha has had a long career with Deutsche Bank, joining in 2003 as CEO for India. In that role, he oversaw the bank’s significant growth across multiple business divisions, developing its position as a leading investment and transaction bank in Asia’s third biggest economy.

In 2012, Chadha was appointed as co-CEO with Alan Cloete for Asia-Pacific and sole CEO in 2015. During this period, Cryan says in his message that Deutsche Bank’s businesses in the region delivered substantial growth coupled with increased profitability.

In an annual press conference held in Frankfurt in January this year, the bank stated that Asia-Pacific earned revenues of over 4 billion euros in 2015, up 14% from a year ago. It says all businesses were up by double-digit percentages and that profitability also benefited from cost reduction and operational efficiencies.

In the latest statistics released by Dealogic on June 13, Deutsche Bank ranked second largest bookrunner in the equity markets in terms of transactions year-to-date in Asia-Pacific with a total volume of almost US$6.8 billion from 22 deals, compared with US$5.7 billion from 25 deals in the same period a year ago.