Commerzbank chief executive to step down

Martin Blessing, chief executive at Commerzbank has announced his resignation as of October 2016, to coincide with the completion of the bank’s four year strategic plan.

Blessing has been part of the board at Commerzbank for 15 years and lead the bank throughout the financial crisis, during which the German state had to invest €18.2bn in the German lender.

“Having spent 15 years on the board of Commerzbank, half of whom as CEO, I would like to open a new chapter in my career and I believe 2016 will be the right time for a change of leadership at Commerzbank” he explained.

His announcement coincides with the release of Commerzbank’s results for the third quarter, which include an increase of net profits to €853m in the first nine months and an improvement of its CET1 ratio to 10.8%.

“The key challenges of the financial crisis have been resolved or will be addressed over the next months. We are now clearly on track towards becoming a sustainable and successful bank” Blessing commented.

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