Commerzbank names retail division chief as new CEO

Commerzbank, Germany's second biggest bank, said Sunday it would appoint retail division chief Martin Zielke as its new CEO, to replace Martin Blessing on May 1.

Zielke, 53, is the board member in charge of Commerzbank's division dealing with private customers and credited with boosting its retail operations.

Frankfurt-based Commerzbank was severely hit by the financial crisis and had to be rescued by the state, which still holds a 15-percent stake, but the bank this year reported a strong turnaround.

It said in February its net profits quadrupled in 2015 -- to 1.06 billion euros ($1.2 billion) from 266 million euros the year before.

The lender had slashed thousands of jobs and said investment in its high- street banking business was paying off, with underlying profits in that division doubling last year.

Board chairman Klaus-Peter Mueller praised Zielke, saying he had "brought the retail business back on track in an impressive way".

Blessing had last year announced his intention to resign as CEO.