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Deutsche Bank chairman has no plans to leave before end of mandate in 2022

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Deutsche Bank chairman has no plans to leave before end of mandate in 2022

Paul Achleitner plans to remain chairman of the supervisory board of Deutsche Bank AG until his mandate ends in 2022, he said in an interview with Handelsblatt published Dec. 30.

The German lender has a strong capital base, its liquidity is at a record level and it has managed to clean up its balance sheet, Achleitner said. The group has proven for the first time that it can keep costs under control and it has a CEO who is fit to address the challenges it faces, the chairman said.

Christian Sewing, who became CEO in April 2018, has the personality to lead the bank into a new phase of growth, according to Achleitner.

Deutsche had endured a difficult year amid struggles to improve its performance, restructuring, loss of market share, a slump in its market capitalization, money-laundering scandals and allegations that it, along with other lenders, conspired to distort competition in the sovereign bond market.

The group's share price hit an all-time low on Dec. 28, 2018, closing at €6.75 on the Xetra electronic trading platform of the Frankfurt Stock Exchange. The price has dropped from €15.99 at the beginning of 2018.

Achleitner told Frankfurter Allgemeine Sonntagszeitung on Dec. 29 that shareholders have entrusted him with the chairmanship and that he aims to complete the task.