Switzerland’s biggest insurer, Zurich Financial Services, has said it will propose Deutsche Bank CEO Josef Ackermann as its new chairman of the board of directors.

Ackermann, who is Swiss, is stepping down as CEO of the German bank at the end of May. Zurich will put him forward for the job of chairman after the company’s annual shareholder meeting on March 29.

Ackermann was the first foreigner to head Deutsche Bank and over the past decade developed investment banking into one of the firm’s main revenue sources. He failed to win shareholder backing to become chairman of the bank's board of directors last year.

The 64-year-old is already vice-president of Zurich’s board of directors.  He will take over from Manfred Gentz who is retiring.

The vice-president role will go to another nomination, Tom de Swaan, who will be acting chairman until Ackermann leaves Deutsche Bank.

St Gallen born and educated, Ackermann started out his career at Credit Suisse, becoming its youngest president of the executive board at the age of 44, and joining Deutsche Bank management board three years later.

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