Davos-Man Ackermann Lured to Cyprus Bank by Billionaires
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Josef Ackermann used his clout as head of Deutsche Bank AG to help save the euro by negotiating the biggest debt restructuring in history. Now, he’s been tapped to resuscitate a victim of that deal.
Ackermann, who left Deutsche Bank in 2012, has been nominated as chairman of Bank of Cyprus Pcl. Deposits there were seized last year as part of a 10 billion-euro ($12.4 billion) international rescue after Germany balked at bailing out rich Russians with money in Cypriot banks. Shareholders are scheduled to meet Nov. 20 in Nicosia, Europe’s last divided capital, to approve the appointment.