Deutsche Bank has named Munish Varma as the new head of Global Markets India. He was appointed on October 8th with immediate effect.

Varma is replacing Pavan Sukhdev who has chosen to focus upon environmental economics and conservation with a variety of NGOs including the Green India States Trust and the United Nations Environment Programme.

To take up this new post Varma leaves behind his previous role with Deutsche Bank in London, where he served as head of Global Principal Finance Europe.

His new responsibilities will include leading Deutsche's sales and trading businesses in India. He will report locally to Gunit Chadha, CEO of Deutsche Bank in India, and regionally to Loh Boon Chye, head of global markets Asia ex-Japan.

Mr. Chadha said: "Global Markets continues to make a significant contribution to financial markets in India, both as a source of liquidity and as a leading provider of investment and risk management products. Under Munish's leadership, Global Markets will continue to serve a client base whose needs are increasing in-line with the development of India's economy and financial markets".

Loh says, "India is a strategically important market for our Asian business and one in which we continue to make significant investments. Munish's appointment ensures our Indian business will continue to make a strong contribution to the bank's local franchise and our broader regional platform."

Varma's tenure in Deutsche Bank started in the year 1999 after the bank's merger with Banker's Trust. He was involved in setting up Deutsche's credit structuring business, covering asset re-packs and synthetic collateralised debt obligations.

Presently Deutsche Bank enjoys a very strong position in the Indian investment banking sector, leading the way in equity capital markets and foreign currency bonds. It is one of the world's leading international financial service providers with roughly EURO 972 billion in assets and approximately 63,800 employees.