Deutsche Bank nominates former Norway wealth fund head to supervisory board

Yngve Slyngstad, CEO of Norges Bank Investment decision Administration, speaks for the duration of a presentation of the Government Pension Fund in Oslo, Norway February 27, 2018. NTB Scanpix/Ole Berg-Rusten via REUTERS

FRANKFURT, March 25 (Reuters) – Deutsche Bank (DBKGn.DE) has nominated Yngve Slyngstad, the previous head of Norway’s sovereign wealth fund, to its supervisory board, Germany’s largest lender claimed on Friday.

Slyngstad was chief executive officer of Norges Financial institution Investment decision Management, which manages the world’s largest sovereign wealth fund, a position he held for 13 decades.

He just lately joined the Norwegian conglomerate Aker ASA (AKER.OL) to direct its asset management device, focusing on renewable vitality projects. study more

Deutsche has been positioning itself to finance the transition to a extra sustainable future.

“We will profit from … his extensive expertise as a person of the pioneers of sustainable investing, as effectively as his latest emphasis on reducing edge matters associated to local climate modify and energy transition,” explained Mayree Clark, who oversees the bank’s nomination committee.

Slyngstad will replace Gerhard Eschelbeck, whose five calendar year expression is about to conclude.

Shareholders will be identified as to officially ratify the shift at the bank’s once-a-year general meeting in Could.

Reporting by Tom Sims and Frank Siebelt more reporting by Gwladys Fouche editing by Maria Sheahan

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