Deutsche Bank's Josef Ackermann has turned down the nomination to its supervisory board when he steps down as chief executive in 2012. Instead he has to put forward a banker with a long history of overseeing operations in the country - though not all of them ran smoothly.

Paul Achleitner, the chief financial officer at insurance giant Allianz, has been proposed by Ackerman to chair the bank's supervisory board - a place many thought Ackermann had been destined to take - in 2012.