Deutsche Bank nominates former Norway wealth fund head to supervisory board

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Yngve Slyngstad, CEO of Norges Bank Investment Management, speaks during a presentation of the Government Pension Fund in Oslo

FRANKFURT – Deutsche Bank has nominated Yngve Slyngstad, the former head of Norway’s sovereign wealth fund, to its supervisory board, Germany’s largest lender said on Friday.

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

He recently joined the Norwegian conglomerate Aker ASA to lead its asset management unit, focusing on renewable energy projects.

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

“We will benefit from … his vast experience as one of the pioneers of sustainable investing, as well as his current focus on cutting edge matters related to climate change and energy transition,” said Mayree Clark, who oversees the bank’s nomination committee.

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

Shareholders will be called to officially ratify the move at the bank’s annual general meeting in May.

(Reporting by Tom Sims and Frank Siebelt; additional reporting by Gwladys Fouche; editing by Maria Sheahan)