Bowles is set to start the role in September. The Financial Times reports that he is expected to help the social media giant implement its strategy to launch cryptocurrency, which is due to be unveiled on Tuesday.
Bowles leaves the banking and financial services company after 12 years in a number of public affairs roles, most recently managing director, group public & regulatory affairs.
He was also responsible for negotiating trade deals between in the US and Europe as part of the European Commission's transatlantic trade and investment partnership group.
The appointment follows a number of changes in Facebook's senior communications team in recent months.
In October last year the firm hired former UK Deputy Prime Minister and ex-leader of the Liberal Democrats Nick Clegg as its new VP, global affairs and communications.
In April, Facebook named John Pinette as VP of global communications, taking over from Caryn Marooney.
This year also saw Alex Belardinelli, Uber's former head of comms for Northern & Eastern Europe, join Facebook as communications director for Northern Europe.
The role largely replaces that previously held by Anouska Ruane, formerly director of comms for UK, Ireland & Africa, but covers a different territory. Ruane left Facebook last November to become director of comms, EMEA, for Tesla.
Facebook confirmed Bowles' appointment when contacted by PRWeek but declined to comment.
This article was updated on Saturday afternoon following Facebook's response to PRWeek's inquiry.