By Tom Sims and Frank Siebelt
FRANKFURT (Reuters) – As head of Dutch insurer Aegon, Alexander Wynaendts led a fancy European monetary establishment with workers all over the world and a big U.S. presence throughout a turbulent decade, expertise that ought to serve him nicely as the following chair of Germany’s Deutsche Bank.
On Friday, a committee of the financial institution’s supervisory board nominated Wynaendts to oversee the nation’s largest lender from subsequent 12 months. The board is anticipated to debate his function this weekend with shareholders voting on his appointment in May.
If elected, the place will catapult Wynaendts, who is comparatively unknown in Germany, into a job as one of many nation’s prime bankers at a time when Deutsche can be steadying itself after a rocky decade with a view to a doable future merger.
“It is my robust perception that Deutsche Bank is nicely positioned to handle the rising wants of its world consumer base,” Wynaendts stated. “I’m dedicated to assist the management crew and all workers in persevering with with the profitable execution of its technique.”
Just months into his tenure at Aegon, an organization that within the mid nineteenth century helped the Dutch pay for funerals, Wynaendts, 61, navigated a state bailout and restructuring because the 2008 monetary disaster took its toll.
Deutsche has misplaced billions of euros and confronted big fines, leaving regulators fearing it was on the point of collapse 5 years in the past. Although it has beginning reaping small income beneath new management, there stays loads of unfinished enterprise.
The financial institution is at the moment engaged on a new technique plan to be introduced in March and has but to make good on a promise to shed 18,000 jobs, whereas analysts say it’s vulnerable to lacking a key profitability goal subsequent 12 months.
A serious query for the broader business is the consolidation of Europe’s fragmented banks. Deutsche executives says they’re working to make the lender robust for a possible future tie-up after it known as off talks to merge with rival Commerzbank in 2019.
Wynaendts – who oversaw a gentle stream of acquisitions, disposals and partnerships from Canada to Mexico and Romania to China throughout a decade as the top of Aegon – is anticipated to embrace the technique.
Aegon was concerned in 87 M&A offers from 2012 by 2020, in accordance to Refinitiv knowledge.
He will even be nicely conscious of the challenges of low rates of interest and unstable markets after successful to Aegon’s capital place noticed its shares fall in 2018 and 2019, in direction of the top of Wynaendt’s tenure final 12 months.
Wynaendts would take over from Austrian Paul Achleitner, one other former insurance coverage government who beforehand labored at Allianz, when he steps down in May. Achleitner is credited with putting in present CEO Christian Sewing to assist flip the financial institution round after quite a few administration reshuffles throughout his decade on the helm.
(Reporting by Tom Sims and Frank Siebelt; Editing by Kirsten Donovan)
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