07 March AtoZForex, Amsterdam — The financial services and global Commerzbank has appointed a new CEO. The German bank has named the 53 years old Martin Zielke, the retail banking head, as the new Commerzbank CEO. He will be starting from the 1st of May and take over the position from Martin Blessing, which is the current CEO of Commerzbank.
Now that Martin Zielke got appointed as the new Commerzbank CEO, the bank has responded by naming Michael Mandal as the new head of retail banking in the board.
Commerzbank received a €18 million Bailout
Commerzbank became the second largest bank in Germany, aside Deutsch Bank, after its mega merger with Dresdner bank in 2008. Yet, the bank is regaining from the turbulence period post the financial crisis, the Frankfurt headquartered bank even got bailed out by the German government at the time of the crisis.
In fact, the bank received over more than €18 million from the German government amid the financial crisis. In fact, the German government currently still holds over 15 percent stake in Commerzbank.
A new task for Martin Blessing’s successor
Despite the turmoil, Commerzbank’s current CEO, Martin Blessing managed to steer the global bank through the financial crisis of 2008 and returned the bank to profit again. On top of this, the 52 years old Martin Blessing also managed strengthen Commerzbank’s capital base, slashed its risky assets and prompted the bank to pay out dividends.
In November last year, the successful CEO of Commerzbank decided to step down in 2016. As the bank just regained from the turbulence period, the new Commerzbank CEO, Martin Zielke is given the task to lead the bank into a new direction.
Confidence in the new Commerzbank CEO
According to Klaus-Peter Mueller, the Chairman of Commerzbank, the new Commerzbank CEO is highly qualified to take over the position of Martin Blessing. Considering that Martin Zielke has been working at the global bank since 2002 and achieved many successes with the retail-banking department. Mr Mueller commented that: “His return of retail banking to a successful course has been impressive.”
In the last four years, when Martin Zielke took responsibility over the retail-banking division, the unit has won over 800,000 new clients and boosted over €750 million profit. Hence, Klaus-Peter Mueller is confident that Martin Zielke will lead Commerzbank to reach a new medium-term goals:
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