Postbank chairman Frank Strauß is to join the management board of Deutsche Bank, following the merger of Postbank with Deutsche Bank’s private and commercial clients business.
Effective from 1 September, Strauß will co-head the private and commercial bank within the group, alongside Deutsche Bank president Christian Sewing.
Strauß and Sewing will be jointly responsible for managing the merger, and Strauß will also remain in his role as chairman of the management board of Postbank.
The announcement comes after regulatory requirements for Strauß’s appointment were met.
Strauß previously worked for Deutsche Bank between 1995 and 2011, holding several management positions including head of private and business clients for Germany.
In 2011, he joined Postbank as managing board member responsible for sales, and became chairman of the firm a year later.
Paul Achleitner, chairman of the supervisory board of Deutsche Bank, said: “We are strengthening our management board by appointing such a distinguished expert in private and commercial banking who is very well acquainted with both Deutsche Bank and Postbank.”
He added: “Together with Christian Sewing, Frank Strauß will ensure that the upcoming merger will combine the best of both worlds.”
John Cryan, CEO of Deutsche Bank, said: “Our integrated private and commercial bank will be a crucial factor for our success, especially in our home market of Germany.”
