Commerzbank's chairman of board of managing directors won't extend contract after October 2016

BERLIN – The chairman of the board of managing directors of Commerzbank, Martin Blessing, has said he will not extend his contract when it ends in October 2016.

In a statement by the Frankfurt-based bank Sunday, Blessing said he had decided that after 15 years with the bank “it is now time for me to embark on a new chapter in my professional life.”

In past years, Commerzbank was required to leave some lines of businesses under European Union rules to offset the anti-competitive effect of state aid it had received from the German government when it was bailed out in 2009.

Blessing said the bank had “overcome the major challenges of the financial crisis or will do so in the coming months.”