Commerzbank Names Deutsche Bank’s Manfred Knof As New CEO

Commerzbank, Germany's second-largest bank hit by the coronavirus pandemic and the Wirecard fiasco, appointed Manfred Knof as its new chairman on Saturday from rival lender Deutsche Bank.

After Martin Zielke resigned at the beginning of July, following sustained criticism by shareholders of his results and the bank's losses, the appointment is a bid to end the chaos, reports AFP.

Knof, 55, was the German retail head of Deutsche Bank but worked for the German giant Allianz for a large part of his career in the insurance industry.

The appointment of Knof is subject to the supervisory authorities' approval.

Hans-Joerg Vetter, Chairman of the Supervisory Board of Commerzbank, said, "Manfred Knof is an accomplished and highly productive senior manager who has proved himself in a wide variety of positions in the financial services industry."

“He brings the necessary expertise and human leadership skills for the tasks that lie ahead of the bank.”

The German government has a 16% interest in the bank it bailed out during the financial crisis of 2008.

According to the Financial Times, a loss of 175 million euros was reported by Commerzbank over the "single event" loans to payment provider Wirecard, which collapsed in June in what Germany's finance minister described as an unprecedented scandal.

After acknowledging that EUR 1.9 billion ($2.2 billion) was missing from its accounts, Wirecard filed for insolvency in June.