DEUTSCHE BANK's (DB) board yesterday backed the nomination of Alexander Wynaendts as the German bank's new chairman.

If elected at DB's general meeting in May 2022, Wynaendts will replace Paul Achleitner, who has served as chairman for 10 years and decided not to run for re-election.

Commenting on the news, Wynaendts said, "It is a great honour to have been nominated by Deutsche Bank as a member of its supervisory board.

"I very much look forward to joining this leading Europeanbased financial institution and to serving the interests of Deutsche Bank's stakeholders."

Former chief executive of insurance company Aegon, Wynanedts also serves on the board of several companies including Citigroup, Uber and Air France-KLM.

"He has a vast experience in the financial industry and an excellent network, not only in Europe but also globally," added the bank's boss Christian Sewing.

(c) 2021 City A.M., source Newspaper