The Limited Times

Now you can see non-English news...

Former Bundesbank President Weidmann is to become chief controller of Commerzbank

2022-11-19T18:06:10.082Z


A new task for Jens Weidmann: the long-standing head of the Bundesbank is moving to the top of the Commerzbank supervisory board. The federal government is the largest shareholder of the financial institution.


Enlarge image

Ex-Bundesbank boss Weidmann in January 2020: The federal government is the largest single shareholder in Commerzbank

Photo:

Kay Nietfeld / dpa

Three weeks after the most recent federal election, he announced his resignation from the post of President of the Deutsche Bundesbank after ten years.

Now Jens Weidmann should appear more often in public again – as chief controller of Commerzbank.

The 54-year-old is to be elected to the supervisory board and then take over the management of the board, as the Frankfurter Bank announced on Saturday.

The previous chairman of the supervisory board, Helmut Gottschalk, informed the representatives of the shareholders that he would no longer stand for election at the next general meeting on May 31.

In coordination with the Federal Ministry of Finance, he proposed Weidmann as the new supervisory board.

Subject to the election by the general meeting, Weidmann should move to the top of the control body.

Weidmann headed the Frankfurt am Main-based Bundesbank from 2011 to the end of 2021 and was considered an influential member of the Governing Council of the European Central Bank (ECB).

Before that, Weidmann had been one of the most important economic advisors to Chancellor Angela Merkel (CDU) for five years.

The state saved Commerzbank from collapsing in 2008 and 2009 with more than 18 billion euros in tax money.

Commerzbank repaid the state aid years ago, but the federal government is still the largest single shareholder in the institute with a stake of 15.6 percent.

fdi/dpa

Source: spiegel

All business articles on 2022-11-19

You may like

News/Politics 2024-02-23T10:41:50.416Z
News/Politics 2024-01-31T14:21:06.411Z

Trends 24h

Latest

© Communities 2019 - Privacy

The information on this site is from external sources that are not under our control.
The inclusion of any links does not necessarily imply a recommendation or endorse the views expressed within them.