QNB ranked number one as the region’s largest bank with Tier 1 capital rising 10.4 percent to $24.9bn in 2019, pushing it to the 72nd position in the global ranking from the 75th position a year earlier.

BUSINESSPAGE | 13 PAGE | 13

11SUNDAY 5 JULY 2020

Daimler seeks to sell French factory

Commerzbank’s Boekhout emerges

as frontrunner to replace CEO

Chinese economy returns to growth in Q2 rather than Q3 2020Being the earliest economy hit with the novel coronavirus (COVID-19), the Chinese economy is now in the vanguard of the economic recovery. Indeed, China is one of the few countries expected to see economic growth during 2020 as a whole. Activity data continued to improve in May, likely taking the level of output above that of 2019, for the first time since the pandemic erupted. However, growth rates are still below of that in 2019. We expect a positive growth rate of 1.5 percent in 2020.

Our analysis focuses on two key aspects of the Chinese economy to better understand the depth of this nascent recovery. For simplicity, we will refer to year-on-year growth rates throughout the article.

First, the Chinese author-ities have returned to their tried and tested methods of e c o n o m i c s t i m u l u s

via government spending on infrastructure investment. The People’s bank of China has lowered the official rate twice from 4.15 percent to 3.85 percent this year. Record high issuance of nearly RMB 1 trillion of special local gov-ernment debt has boosted infrastructure fixed asset investment, which jumped to 11.6 percent in May, up from 4.6 percent in April. This has

in-turn pushed up growth in fixed asset investment, up 3.9 percent in May from 0.6 percent in April. Similarly, industrial production growth improved to 4.4 percent in May from 3.9 percent in April. Indeed, particularly strong contributions from increases in steel and cement highlight how such infrastructure spending can directly boost

industrial output. Broadly, the Caixin manufacturing PMI rose 1 percent in May, the first pos-itive growth rate since the out-break shock of COVID-19, up from -1.6 percent in April.

Second, the services sector is showing some of the most encouraging signs. Property sales rebounded strongly, although growth in new property remains more subdued and suggest that developers remain cautious. Car sales have also rebounded strongly. Pent up demand is likely to have contributed to the rebound in sales. However, the strength of the rebound suggests that consumers are becoming more willing and able to make large purchases once again. More generally, services activity expanded 1 percent in May, a considerable improvement from the 4.5 percent contraction in April. Moreover, the Caixin services business activity PMI rose 4.4 percent in May, a significant

rebound from -18.6 percent in April.

There are some reasons to remain cautious. Export growth turned negative in May, which suggest that external demand remains a drag. In addition, a surge in cases due to an outbreak of COVID-19 in Beijing has sparked fears of a second wave in China. However, neither issue is unexpected. Countries all over the world are easing lockdown measures as they continue to learn how to better control and manage the virus without resorting to extensive lock-downs again.

We had not been expecting to see such widespread pos-itive year-on-year growth until Q3, but an increasing number of indicators suggests that China’s economy has already regained its pre-virus level, if not growth rate.

From the Great Financial Crisis of 2008-09 to last year, China has contributed to 42

percent of the total global eco-nomic expansion in nominal terms. Moreover, China’s investment focused growth model has driven strong demand for commodities.

Therefore, China’s early return to growth is a boon for the entire global economy and both emerging markets and commodity exporters in particular.

(%, year-on-year)Industrial activity

QNB ECONOMIC COMMENTARY

QNB maintains first rank in MEA in The Banker’s list of ‘Top 1000 World Banks’

THE PENINSULA — DOHA

QNB Group, the largest financial institution in the Middle East and Africa (MEA), maintained the first position in the MEA region on The Banker magazine’s “Top 1000 World Banks” list released recently.

QNB ranked number one as the region’s largest bank with Tier 1 capital rising 10.4 percent to $24.9bn in 2019, pushing it to the 72nd position in the global ranking from the 75th position a year earlier. The Bank reported some of its best annual results ever during the review period, supported by the success of its business strategy and sound management decisions.

The recognition was based on a number of factors, including pre-tax profits, total assets, capital assets ratio, return on capital, return on assets, BIS total percentage, NPL percentage, loans to assets ratio, RWA density, and cost to income ratio. In addition, this year’s ranking adds the new best performing banks ranking, using a newly developed model to compare leading banks across eight key performance

categories: growth, operational efficiency, return on risk, soundness, profitability, asset quality, liquidity, and leverage.

Maintaining the top position in the MEA region in this global classification from The Banker is a new recognition of QNB Group’s commitment to leadership in several areas, the most important of which is brand value, strong financial performance, and quality of assets, along with the

continuous growth of the Group’s market share.

Furthermore, this new achievement reflects the Bank’s commitment to continue the path of leadership and innovation, backed by the strong foundations of governance, strategy, lead-ership, and disciplined man-agement. Earlier this year, the QNB brand was recognized, once again, as the most valuable banking brand in the MEA region, with a value worth nearly $6.03 billion, according to independent brand valuation consultancy Brand Finance.

QNB Group has maintained its position as one of the highest rated regional banks from leading credit rating agencies including Standard & Poor’s (A), Moody’s (Aa3) and Fitch (A+). The Bank has also been the recipient of many awards from leading interna-tional specialized financial publications.

QNB Group’s presence through its subsidiaries and asso-ciate companies extends to more than 31 countries across three continents providing a compre-hensive range of advanced products and services.

QNB head office

Qatar to play key role in global trade recovery, says WEF expertLANI ROSE R DIZON THE PENINSULA

Outward-oriented economies, including Qatar, which look at trade as a major driver for economic growth, will play a significant role towards a robust global trade recovery solution and economic turna-round from the impact of the COVID-19 pandemic, an expert from the World Economic Forum (WEF) has said.

Speaking at the digital roundtable ‘Qatar at the Cross-roads of the World’ organised by The Business Year (TBY) recently, Dr Amitendu Palit (pictured), a sitting member of the WEF’s Global Future Council on Trade and Investment and a Senior Research Fellow and Research Lead at the National University of Singapore’s Trade and Eco-nomic Policy, said protec-tionism by various countries which has led to export restric-tions is a matter of concern.

He added that what the world needs to do is to focus its complete attention on global economic recovery, and there is no alternative other than working towards a robust global trade recovery solution.

“At the same time, make all efforts to ensure that those who have lost their jobs are in a position to recover those. Enough jobs are created, more livelihoods come up, and coun-tries are able to come back to their economic growth as smoothly and as quickly as possible. And in this regard, an economy like Qatar for example, has really got a very important role to play in the economic turnaround. The role of outward-oriented econ-omies who are looking at trade as their major driver for eco-nomic growth is going to become more and more prom-inent. As along with the pro-tective impulses displayed by various countries of the world, outward economies begin to

display a positive indicator of economic expansion, trade expansion, value creation, and job creation,” Palit added.

He however warned, that in the process, unlike in the past, it is no longer going to be a question of just boosting trade according to basic com-parative advantages. Palit reit-erated that the character of supply chains is going to reshape fundamentally post COVID-19. He added that digital trade across the world is going to accelerate, and so is the importance of a number of industries in the sector.

“Countries now realise the importance of making supply chains shorter and more resilient. And they also realise the importance of changing the fundamental character of the supply chains to acquire a more inherent digital dimension. There are probably some industries which are going to remain at the forefront of the next generation of trade and economic solutions. These include pharmaceuticals, critical medical supplies, food, cross border e-commerce, including data transfers, and digital payment systems,” said Palit.

He added that as new supply chains become shorter and more resilient, they are going to depend squarely, not just on the digital infrastructure that various countries are able to offer to them, but on trade facilitation and sophisticated and modern trade practices.

GECF adds value to UNECE debate on LNG’s green credentialsTHE PENINSULA — DOHA

The Gas Exporting Countries Forum (GECF), the global platform of the leading gas producing nations, joined other stakeholders from around the world and added its voice into a discussion on the role of natural gas in a sustainably-driven future, at an event organised by the United Nations Economic Commission for Europe (UNECE).

The online dialogue, “99 minutes of LNG – trends, devel-opments, and innovative end-uses”, examined the need for a more vibrant natural gas industry, more so than ever, due to the long-term benefits it brings to the society. The session was organised by the UNECE’s Group of Experts on Gas and

featured speakers from the GECF and International Gas Union in addition to several UN Member States and their leading gas companies from Croatia, Germany, Indonesia, Nether-lands, Nigeria, Norway, Poland, Russia, Spain, and the United States.

The GECF was represented by Dr Hussein Moghaddam

(pictured), Senior Energy Forecast Analyst at the Secre-tariat, who presented the latest data on COVID-19 impact on LNG markets and outlined long-term prospects for this fuel. He also spoke in relation to one of the key messages of the event, which postulated that despite the current market environment due to the COVID-19 pandemic, the LNG industry is better placed than ever because of its massive contribution to decarbonising the world, as well as its long-term benefits to the society and the environment.

Focusing on the global policy orientations that might affect the future of the LNG market in particular and gas market in general, Moghaddam said: “While coal is still con-sidered a critical source for

energy security and afforda-bility, particularly in Asia, coal development plans are being revised downward compared to previous years amidst low electricity demand and rising availability of alternative sources. There is, therefore, a real opportunity for coal to gas switching.”

“Further, gas and LNG can benefit from the climate policies being pushed out now due to their competitiveness and alignment with UN’s Sustainable Development Goals (SDGs).”

The GECF is a regular con-tributor to the discussions of the UNECE Group of Experts on Gas. Its previous participation came at the 6th UNECE Session of Group of Experts on Gas, which was held in Geneva in March 2019.

12 SUNDAY 5 JULY 2020BUSINESS

Nasser Bin Khaled Automobiles introduces luxurious SUV Mercedes-Benz GLS in QatarTHE PENINSULA — DOHA

The new Mercedes-Benz GLS is Mercedes-Benz’s largest and most luxurious SUV and, above all, offers more: more space, more comfort, and more luxury. Nasser Bin Khaled Automobiles, the authorised general distributor of Mercedes-Benz in Qatar, has introduced the new Mercedes-Benz GLS, the Mercedes-Benz’s largest and most luxu-rious SUV, in Qatar. The vehicle that offer more space, more comfort, and more luxury is available now at Mercedes-Benz showroom on Salwa Road.

The confident presence of its exterior stems from its impressive dimensions, which are even larger than those of its predecessor (length +77 mm, width +22 mm). One of the benefits of the 60 mm longer wheelbase is interior spaciousness, especially in the second row. The three fully electrically adjustable seat rows offer all passengers a generous amount of space and outstanding seating comfort. The seats in the third row can be lowered into the floor to increase the boot space (up to 2400 litres), while the seats in the second-row fold flat. Celebrating its world premiere in the GLS 580 4MATIC is an electrified V8 engine featuring EQ Boost - a 48-volt s y s t e m w i t h i n t e g r a t e d starter-generator.

The e-active body control active sus-pension on 48-volt basis offers outstanding suspension comfort, agile handling and a high degree of off-road capability. Like the GLE, the GLS features the latest generation of Mercedes- Benz driving assistance systems giving cooperative support to the driver. The new 4MATIC ensures great agility on the road and strong performance off the beaten track. The new GLS has impressive aerodynamics in its segment, with a Cd figure of 0.32. It has a new Carwash function, which enables the car to be prepared for entry into a carwash with a single press of a button.

As the S-Class of SUVs, the new GLS indulges its passengers, especially those in the rear seat. The key comfort features include MBUX Rear Seat Entertainment System: Two 11.6-inch touchscreens for movie, music and internet enjoyment; Rear Comfort package Plus: Separate tablet for

controlling all of the MBUX comfort and entertainment functions from the rear seats; Electrically adjustable seats throughout as standard, as is the Easy- Entry function, which makes it easy to get into and out of the third seat row; Simple folding-down of all rear seats at the push of a button; Two fully fledged seats in the third row (for people up to 1.94 m tall); Heated seats and separate USB charging ports for the third row; and Five-zone automatic climate control.

Modern luxury both on and off the road: that is the design message of the new GLS. Its aesthetics are based on the confident presence that its impressive dimensions alone create (length 5207 mm, width 1956 mm). The wheelbase of 3135 mm, which is 60 mm longer than that of its predecessor, makes the vehicle beneficially longer and gives it harmonious proportions, empha-sised by the understated, elegant side design.

The interior of the new GLS is all about luxuriously elegant aesthetics, the comfort of a Mercedes-Benz luxury saloon with the robustly progressive detailing of an SUV. The central element in the dash-board’s design is an impressively sized

screen unit embedded in a distinctive support. The dashboard support flows into the door p

All seats are electrically adjustable as standard. The same applies to the EASY- ENTRY function, which makes it easy to get into and out of the two individual seats in the third row. For this, the seats in the second row move a long way forwards and fold forwards.

Luxury in the new GLS is shared gen-erously among all passengers, particularly if the Rear Comfort package Plus is ordered. It includes a 7-inch Android tablet in its own docking station in the second row’s larger luxury centre armrest.

The tablet allows control of all the MBUX comfort and entertainment func-tions from the rear seat rows, such as access to radio, TV, media, phone and web browser. It can also be used to control the Rear Seat Comfort package and the five-zone automatic climate control for the rear seats. The driver can assume control of all options and features from his or her seat at any time, of course.

The centre console also offers a wireless-charging compartment for smart-phones and additional USB ports.

The interior of the new Mercedes-Benz GLS

The Al Attiyah Foundation: Weekly energy market reviewTHE PENINSULA — DOHA

Oil fell below $43 a barrel on Friday as a resurgence of coro-navirus cases raised concern that fuel demand growth could stall, although crude was still headed for a weekly gain on lower supply and wider signs of economic recovery. The US reported more than 55,000 new coronavirus cases on Thursday, a new daily global record for the pandemic. The rise in cases suggested US jobs growth, which jumped in June, could suffer a setback.

Both benchmarks rose more than 2 percent on Thursday, buoyed by strong US June jobs figures and a drop in US crude inventories. US trade was thinned by the Independence Day holiday. Brent also saw a weekly gain of 4 percent. Signs of eco-nomic recovery, and a drop in supply after a record supply cut by Opec and allies have helped Brent more than double from a 21-year low below $16 reached in April.

Opec oil production fell to its lowest in decades in June and Russian production has dropped to near its Opec+ target. Russian oil and gas condensate production fell to 9.32 million barrels per day (bpd) from 9.39 million bpd in May, nearing its agreed target. Moscow has pledged to reduce its output by around 2.5 million bpd to 8.5 million bpd to support oil prices. The deal does not include output of gas condensate, a light oil.

Boosting recovery hopes, a private survey showed on Friday that China’s services sector expanded at the fastest pace in over a decade in June. The survey showed that the easing of corona-virus-related lockdown measures has revived consumer demand in China, although companies continued to shed jobs. The bank-ruptcy filing of US shale pioneer Chesapeake Energy also sup-ported prices by raising expectations production will decline.

Asian spot LNG prices were stable last week, with demand still sluggish in an oversupplied market. The average LNG price for August delivery into northeast Asia was estimated at around $2.20 per million British thermal units (mmBtu), the same level as the previous week. Some Chinese buyers were on the market and there could be gas demand for air conditioning in Japan due to hot weather, but overall, buying was subdued.

Indian buyers were quiet as there is not much capacity in Indian ports to take more cargoes, in particular during the monsoon season. Brunei’s LNG and Nigeria LNG all offered cargos for loading in August. In terms of buy tenders, Pakistan LNG Ltd issued a new tender seeking a cargo for delivery in September, after issuing a tender for August delivery the previous week.

In Europe, June LNG deliveries dropped by 32 percent from volumes in May and by 5.6 percent from June 2019, Refinitiv data showed, as gas stocks in Europe move close to full capacity. Gas storage sites in Europe are on average just over 80 percent full, according to Gas Infrastructure Europe data.

In the US, natural gas futures rose last week, after a federal report showed a smaller-than-expected storage build amid greater demand for cooling as the weather turned hotter. The August gas futures contract was up over 17% on the week, set-tling at $1.75 per mmBtu. Prolonged lockdowns to curb the spread of the coronavirus have kept many businesses shut, cutting US LNG exports by half since the start of the year, with stockpiles filling fast and expected to reach a record levels.

13SUNDAY 5 JULY 2020 BUSINESS

Commerzbank’s Boekhout emerges as frontrunner to replace CEOBLOOMBERG

Commerzbank AG’s corporate clients chief Roland Boekhout (pictured) is emerging as the lead candidate to replace outgoing Chief Executive Officer Martin Zielke after a shareholder revolt toppled the German lender’s top leadership.

In addition to Boekhout, the bank is also vetting finance chief Bettina Orlopp for the job, people familiar with the matter said, asking not to be identified because the information is private. The lender’s supervisory board may decide on a can-didate at its next meeting as early as Wednesday, although it could also choose to postpone a vote and instead seek to line up additional external candi-dates, one of the people said.

A spokeswoman for the bank declined to comment on Saturday. She also declined to comment on behalf of Boekhout and Orlopp.

Zielke offered his resig-nation to the supervisory board on Friday evening as he took responsibility for a slump in the lender’s share price, which has fallen about 25 percent this year. The move followed a bruising activist campaign by the bank’s second-largest shareholder, Cerberus Capital Management, and private expressions of dis-satisfaction by the German gov-ernment, the bank’s biggest shareholder.

Zielke’s job isn’t the only one that needs to be filled. Super-visory Board Chairman Stefan Schmittmann said he would step down next month. Nicholas Teller could be a potential choice to take over at least on a

temporary basis, the people said. Deputy Chairman Uwe Tschaege, who’s a labor repre-sentative, will automatically assume the chairman position if no one has been chosen by the time Schmittmann departs.

Boekhout currently has the best chance of getting the CEO job because he only joined Com-merzbank at the beginning of this year, and therefore is seen as having more of an outside perspective, the people said. While 50-year-old Orlopp joined in 2014, the remaining management board members have been with the lender for more than a decade.

The bank’s leadership is leaning toward a quick suc-cession plan, which precludes external candidates, because it would avoid having to wait for a new chairman. Appointing an existing management board member as the next CEO would also make it easier for that person to take ownership of a major overhaul that’s being planned. The German gov-ernment and Cerberus want a CEO with a proven capability of

implementing stringent cost cuts, because they see Zielke’s failure to do just that as his biggest deficiency, the people said. They also want a chairman who has a better grasp of digi-talization than Schmittmann, they said.

Boekhout’s tenure at ING Groep NV’s German unit was widely seen as a success after he more than doubled pretax profit during his eight years in charge.

Orlopp is known for improving the bank’s control systems when she was head of compliance before taking on her new role earlier this year. She’s currently spearheading the bank’s cost-cutting program.

Sony’s Alpha Universe offers photography webinars in MEATHE PENINSULA — DOHA

Photographers and videogra-phers looking to upskill can now turn to Sony’s Alpha Universe MEA. The online community site for the Sony Alpha brand is offering 70 online learning modules to help photographers and videogra-phers grow their business in difficult times, as well as upgrade their technical skills and knowledge.

The webinars running all through June, July and August cover a wide selection of pho-tography and videography topics and genres, including night photography, wildlife, the basics of vlogging, studio portraits, video production on a budget and editing. Diverse aspects of the subject are dis-cussed from theory to prac-tical, in formats ranging from live streaming, pre-recorded and Instagram live.

Murat Gebeceli, Head of Digital Imaging, Sony Middle East & Africa said: “We developed this schedule of webinars in response to the strong demand from creatives who want to utilise the time spent under lockdown to upgrade their technical and business knowledge. Sony’s Alpha Universe MEA wants to offer its community of pho-tographers and videographers the opportunity to return as

better equipped professionals when business returns to normal, while staying safe and upskilling right now.” Designed by Sony Alpha Ambassadors from different geographies, such as, South Africa, Pakistan and Nigeria, 70 activities have been lined up as part of the initiative, including 24 workshops com-pleted in June. Those who wish to attend the webinars can visit Alpha Universe MEA https://alphauniverse-mea.com/register/, create an account to register, and sub-scribe to receive updates on the schedule.

Alpha Universe MEA fea-tures a variety of engaging photography, videography, instructional and news content designed to educate, inspire and empower indi-viduals throughout the greater imaging community.

Content on Alpha Uni-verse MEA is sourced directly from Sony Alpha ambas-sadors and a variety of con-tributors, influencers and working professionals while also repurposing and reposting relevant articles and videos from throughout the online community. It is also the chief outlet for exclusive breaking news and information direct from the Sony imaging team.

Daimler seeks to sell French factoryREUTERS — FRANKFURT/PARIS

Daimler will seek to sell its factory in Hambach, France, as part of an overhaul of its production system, the German carmaker said on Friday, prompting France’s finance minister to urge the company to reconsider.

The move comes as the auto industry faces overca-pacity and plunging demand for new cars in Europe.

It will also lead Daimler to take a restructuring charge of hundreds of millions of euros in its second quarter, the company said.

Daimler, which owns the Mercedes-Benz and Smart brands, had used the Hambach factory to produces electric and combustion-engined variants of its two-seater Smart vehicles, making more than 80,000 cars in 2017.

But production of the Smart will move from France to China after Daimler said last year it would build its next generation of Smart electric cars through a joint venture with Geely.

“I hope that the future of this modern and exemplary site which has chosen the eco-logical transition, notably by producing electric vehicles, will be assured,” French finance minister Bruno Le Maire (pic-tured)said in a statement.

“Daimler must keep all options open, including keeping the site,” he said.

IMF, investors voice concern as Ukraine central bank chief resignsAFP — KIEVThe IMF and the international business community raised concerns Thursday after the governor of Ukraine’s central bank resigned citing political pressure.

The bank chief Yakiv Smoliy s tood down Wednesday, saying “systematic political pressure” made it “impossible” for him to fulfil his duties.

The International Monetary Fund praised Smoliy’s lead-ership of the National Bank of Ukraine (NBU) in a statement,

stressing the need to preserve its independence.

“The independence of the NBU is at the center of Ukraine’s Fund-supported program”, on which the country depends on for crucial financial aid, and “must be maintained under his suc-cessor”, the IMF said.

The post-Soviet country’s western business community also voiced alarm at the move.

The European Business Association said in a statement that it was “deeply concerned.” Smoliy’s resignation sends “a

negative signal to foreign investors and companies oper-ating in Ukraine,” suggesting “security, justice, and equality now can be put under question,” it said.

The president of the American Chamber of Com-merce, Andy Hunder, tweeted that Smoliy was “hugely respected among the business community.” “Businesses are now concerned about the future independence of the @NBUkraine management and the continuation of the @IMFNews program,” he wrote.

Following Smoliy’s resig-nation, Ukraine’s finance ministry cancelled a previ-ously announced Eurobond offering.

Tomas Fiala, the Czech CEO of Kiev-based investment company Dragon Capital, in a statement Thursday said Smoliy’s departure was a “red line for all investors,” accusing the authorities of “complete incompetence”.

Timothy Ash, a London-based economist and Ukraine expert, tweeted Wednesday evening that Smoliy’s

resignation was “terrible news for Ukraine.” “The future of the IMF programme must be in doubt”, he said.

The bank leadership had come under attack from a group of lawmakers, mainly MPs from the ruling party of President Volodymyr Zelensky who are considered close to oligarch Igor Kolomoisky.

In a draft resolution, the lawmakers accused the bank of overseeing policies that were “dangerous for the country” and worsened its eco-nomic crisis. “Zelensky failed

to adequately support the inde-pendence of the NBU due to an onslaught from Kolomoisky and his supporters,” said Ash. In June the IMF unblocked $2.1 billion worth of aid under a new $5 billion plan to help Ukraine.

Zelensky’s presidential office said in a statement that ensuring the NBU’s inde-pendence remains its “uncon-ditional priority”.

Zelensky has accepted Smoliy’s resignation and it now has to be approved by par-liament, expected on Friday.

Spanish minister says all EU COVID-19 debt will be repaidREUTERS — MADRID

Spanish Economy Minister Nadia Calvino said on Friday that all the debt issued by the European Union to help its member states deal with the consequences of the COVID-19 crisis will eventually be paid back. The debt will be sustainable as it will finance projects to help the EU resume the economic growth that was inter-rupted by the coronavirus crisis, she said in a virtual panel held by French think tank Cercle des Economistes.

“Obviously the debt will be repaid,” said Calvino, who has been proposed by Spain to head the Euro-group, the club of 19 finance ministers of the Eurozone countries.

“The long-term sustainability of the debt is guaranteed and we are making plans and act responsibly as Europe ever has,” she added.

European Union leaders are due to meet in Brussels on July 17-18 to negotiate a proposed COVID-19 economic stimulus package worth €750bn ($840bn) partly financed by jointly issued debt.

The fund was proposed by the European Com-mission and welcomed by most EU leaders, but still needs to be agreed. Fiscally conservative northern countries led by the Netherlands are loath to see their taxpayers pay for grants to southern European states.

Spain would be one of the main beneficiaries of the recovery fund with around €140bn in loans and grants.

Boekhout currently has the best chance of getting the CEO job because he only joined Commerzbank at the beginning of this year, and therefore is seen as having more of an outside perspective.While 50-year-old Orlopp joined in 2014, the remaining management board members have been with the lender for more than a decade.