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Former Aareal Bank CEO to become new chairman of BayernLB

Wolf Schumacher, who was CEO of Aareal Bank AG between 2005 and 2015, is to chair the supervisory board of Bayerische Landesbank, Süddeutsche Zeitung reported Feb. 22.

A spokesman for Bavarian Finance Minister Markus Söder confirmed the appointment and said it has been approved by the minister and by Ulrich Netzer, head of Bavarian association of savings banks, according to the report. As a landesbank, i.e. the central institution for savings banks in its home state of Bavaria, BayernLB is owned by the state and the association of local savings banks, which vote on changes to the bank's senior management.

Schumacher will succeed Gerd Häusler, who will step down in April after his mandate expires.