Commerzbank, Germany’s second largest bank which has been hit by the coronavirus pandemic and the Wirecard scandal, on Saturday named Manfred Knof from rival lender Deutsche Bank as its new chairman.
The appointment is a bid to end turmoil after Martin Zielke resigned at the start of July, following sustained criticism by shareholders of his performance and the bank’s losses.
Knof, 55, was Deutsche Bank’s German retail head but spent a large part of his career in the insurance business, working for German giant Allianz.
Knof’s appointment is subject to the approval of supervisory authorities.
“Manfred Knof is an experienced and highly effective top manager who has proven himself in a wide range of tasks