Frank Siebelt, Tom Sims

FRANKFURT, (Reuters:) Alexander Wynaendts was the head of Aegon in the Netherlands (NYSE:). He managed a complicated European financial institution that had staff all over the globe and a significant U.S. presence throughout a difficult decade. This experience should be a great asset for him as he takes the German presidency. Deutsche Bank (DE:).

Wynaendts, the national’s largest lender, was appointed by a committee on Friday to the board’s supervision. Wynaendts’ role will be up for discussion by the board, with shareholders voting in May.

Wynaendts’ election will propel him into the top spot in Germany as a banker. At a time Deutsche is also trying to steady itself following a turbulent decade, with an eye towards a potential merger.

Wynaendts stated, “It’s my firm belief that Deutsche Bank can address the increasing needs of its global clients,” Wynaendts added. I am determined to continue supporting the management team and employees with successful implementation of the strategy.”

Wynaendts was just months into his Aegon tenure. A company which in the middle of the 19th century paid for Dutch funerals, Wynaendts (61), managed to navigate a restructuring and state bailout as 2008’s financial crisis hit.

Deutsche lost billions of euro and was subject to huge fines. This made regulators worry that Deutsche could collapse in five years. While Deutsche has seen small gains under its new leadership, it still faces many challenges.

Bank is working on new strategy plans to present in March. It has not fulfilled a promise of shedding 18,000 jobs. Analysts warn that it could also miss key profitability targets next year.

The consolidation of Europe’s scattered banks is a major concern for the industry. Deutsche executives say they’re working hard to strengthen the bank for future integration after Commerzbank pulled out of talks in 2019 to merge with it.

Wynaendts, the man who managed acquisitions, dispositions, and partnerships in Canada and Mexico during his decade-long tenure as Aegon head and was responsible for a steady flow of transactions from Canada to China and Romania to China, is likely to endorse the strategy.

Aegon was involved in 87 M&A deals from 2012 through 2020, according to Refinitiv data.

After Aegon’s capital position suffered a significant hit in 2018, and 2019 respectively, Wynaendt’s last year of tenure, Wynaendt will be acutely aware of volatile markets and the risks of low interest rates.

Wynaendts, an Austrian former Allianz (DE 🙂 insurance executive would replace Paul Achleitner when he retires in May. Christian Sewing is the current bank CEO. He was instrumental in turning around the bank’s fortunes after numerous management reshuffles over his decade of tenure.