FRANKFURT (Reuters) – The nomination of Manfred Knof as chief executive of Germany’s Commerzbank CBKG.DE paves the way for an overhaul that could close hundreds of branches and shrink its foreign operations, though any major changes may still take months to formalise.
Germany’s No. 2 lender, partially-owned by the state, has been in turmoil following the sudden resignation of its CEO and its chairman in early July. Remaining board members’ hands were tied from moving forward even as the bank’s outlook darkened.
That hurdle was removed after the bank’s new chairman, appointed in August, unexpectedly convened the supervisory board with less than 24 hours notice on Saturday to inform it of his CEO candidate. Knof, a top manager at rival Deutsche Bank DBKGn.DE