Deutsche Bank is nominating the former CEO of Norges Bank Investment Management, manager of the world's largest sovereign wealth fund, to its supervisory board.

Deutsche Bank’s supervisory board is proposing Yngve Slyngstad, current CEO and senior partner of Aker ASA and former CEO of Norges Bank Investment Management, as a supervisory board member to its shareholders at its annual general meeting on May 19, it said in a statement Friday.

Slyngstad would succeed Gerhard Eschelbeck, who will not stand for re-election when his five-year term ends in May, it said.

The former CEO of Norges Bank Investment Management, headed Norway's sovereign wealth fund for 13 years. This year in March, he became CEO of Aker ASA.

Sustainable Economy 

«Deutsche Bank plays a crucial role in the development of Europe’s financial industry and will play an important role in the financing of the transition to a sustainable and carbon-neutral economy,» Slyngstad said in the statement.