Germany's Commerzbank has named retail banking head Martin Zielke as its next chief executive officer from May 1, as the country's second-biggest lender prepares to set medium-term targets.
Zielke, 53, will take over from current CEO Martin Blessing, who steered Commerzbank through the turbulence that followed its takeover of Dresdner Bank in the midst of the financial crisis. The German government had to bail out Commerzbank with more than 18 billion euros ($20 billion) in funds at the time and Berlin still holds a more than 15 percent stake in the lender.
Since then, the 52-year old Blessing has returned Commerzbank to profit and to paying a dividend, slashed risky assets and strengthened its capital base.
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