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FOR A STATEMENT confirming a hire long in the signing and dramatic in its impact on Asian investment banking, the timing and manner of its delivery was ordinary enough. On the afternoon of Sunday July 17 editors and financial reporters across the region received a press release with the following title: "Deutsche Bank appoints Henry Cai Chairman of Corporate Finance, Asia and Head of the Corporate and Investment Bank, China". There had been rumours in Hong Kong and Beijing for months before the announcement that several foreign banks were on the hunt for Cai, a veteran Chinese banker credited with driving his employer UBS’s unparalleled success in mainland China investment banking deals since he joined in 2006. Indeed, a source at Deutsche Bank confirmed to Euromoney as far back as May that the bank was pursuing Cai and had made an offer. Since joining UBS, Cai had worked his team of mainland China bankers hard as they set about propelling the Swiss bank to the top of the country’s – and therefore the region’s – equity league table, earning himself a reputation in the process as one of Asia’s top-five most successful investment bankers.