Business & Investment

No stranger confused, Dutch deal maker Wynaendts becomes chairman of Germany By Reuters

© Reuters. File Photo: The headquarters of Deutsche Bank of Germany is located in Frankfurt, Germany, September 21, 2020. REUTERS / Ralph Orlowski / File Photo


Tom Sims and Frank Sievert

Frankfurt (Reuters)-As head of Dutch insurance company Aegon (NYSE :), Alexander Weinentz leads a complex European financial institution that has made a significant presence in the United States during a turbulent decade with staff around the world. I was there. This experience should also serve as his next chair.Germany’s Deutsche Bank (DE :).

On Friday, a committee of Deutsche Bank’s Board of Corporate Auditors nominated Wijnants to oversee Germany’s largest lender from next year. The entire board will support him at a meeting on Sunday, and shareholders will vote for his appointment in May.

If elected, this position will place Weinenz, relatively unknown in Germany, at the top of the country when Germany is stable after a rocky decade, with a view to the possibility of a future merger. Catapult your role as one of the bunker.

Deutsche Bank’s chief executive officer, in a memo to staff on Sunday, revealed full board support for Weinants and called the Dutch a true European and international financial expert.

In a memo from Reuters, “Alex has experience in areas that have always made Deutsche Bank stand out. It has strong expertise in retail, corporate, capital market business, wealth management, and global networks.” Said.

Just a few months after his tenure in Aegon, where the Dutch helped the Dutch pay for their funerals in the mid-19th century, 61-year-old Weinenz was victimized by the 2008 financial crisis for € 3 billion ($ 3.39 billion). Relief and restructuring of the state.

Germany has lost billions of euros, has been fined hugely, and regulators fear it was on the verge of collapse five years ago. We started making small profits under new leadership, but there are still a lot of unfinished businesses left.

The bank is currently working on a new strategic plan to be announced in March, and while promises to cut 18,000 jobs have not yet been fulfilled, analysts risk failing to meet key earnings targets for next year. It has said.

A major issue for the broader industry is the integration of subdivided banks in Europe. German executives say they are working to strengthen their lenders in preparation for a possible future alliance after discontinuing merger negotiations with rival Commerzbank (DE :) in 2019.

Wynaendts, head of Aegon, who oversaw the steady flow of acquisitions, disposals and partnerships from Canada to Mexico and Romania to China for 10 years, is expected to adopt this strategy.

Aegon was involved in 87 M & A transactions from 2012 to 2020, based on Refinitiv data.

He is also familiar with the challenges of low interest rates and volatile markets. It hit Egon’s capital position near the end of his time at the company. Aegon’s stock fell sharply during his tenure due to the financial crisis and pandemic.

When Wynaendts resigned in May, he took over from another former insurance executive, Paul Achleitner, Austria, who previously worked for Allianz (DE :). Achleitner is believed to have installed current CEO Christian Sewing to help turn the bank around after many management restructurings during his decade of steering.

Separately, Germany announced on Sunday that it had poached Olivier Vigneron from Natixis, France, and acted as chief risk officer.

($ 1 = 0.8859 euros)

No stranger confused, Dutch deal maker Wynaendts becomes chairman of Germany By Reuters No stranger confused, Dutch deal maker Wynaendts becomes chairman of Germany By Reuters

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