FRANKFURT: Commerzbank is hiring ING's Roland Boekhout as its new head of corporate clients, replacing Michael Reuther from January, the two banks said on Thursday.

Boekhout, who has been with the Dutch bank since 1991 and led ING's Germany business from 2010-2017, has been a board member at ING since 2017. He is the first external manager to join Commerzbank's board since the German lender's merger with Dresdner Bank in 2009.

Reuther, who led Commerzbank's cash cow unit catering to Germany's swathe of medium-sized companies and was part of Commerzbank's executive board since 2006, announced in late 2018 that he would step down this year.