Commerzbank names new CEO
(7 March 2016 – Germany) Commerzbank has named retail banking head Martin Zielke as its next chief executive officer. He is due to start his new position at Germany’s second largest bank from 1 May 2016.
Zielke, will take over from current CEO Martin Blessing, who guided the bank through the volatility following the Dresdner Bank takeover which occurred during the global financial crisis.
His previous experience included a stint with Commerzbank’s rival, Deutsche Bank, and has held various senior positions in Commerzbank’s retail, corporate banking and finance divisions, including holding the role of chief financial officer of real estate unit Eurohypo.
Zielke joined Commerzbank's management board in 2010 with responsibility for retail banking business, where he has sought to expand the division's revenue and product offering through mobile, online and branch business while keeping costs stable in a highly competitive German market.
Zielke's division has won more than 800,000 new customers over the last four years, helping to boost operating profit to more than €750 million last year, from around zero when he took over responsibility for retail. That result surpassed his own set target of €500 million in operating profits a year early.
During the global financial crisis, Berlin bailed out the bank with more than €18 billion (A$26.8 billion) in funds, with the state retaining more than 15 percent stake in the lender.
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