Former Deutsche Bank chief executive and later supervisory board chairman Rolf Breuer has died at the age of 86, the bank announced in Frankfurt on Thursday.
The banking executive, who spent almost his entire career at Deutsche Bank and launched Germany's largest bank on an international path, died following a long illness on Wednesday.
While he was chief executive between May 1997 and May 2002, Breuer embarked on the acquisition of Bankers Trust, a major Wall Street investment bank.
Deutsche Bank supervisory board chairman Alexander Wynaendts said Breuer's significance could not be overestimated.
"With the acquisition of Bankers Trust, he made a significant contribution to building a Deutsche Bank that can now support its clients worldwide in all financial matters, with the necessary global network and expertise," he said.
In Germany, Breuer is remembered for an unfortunate remark to a journalist that was published in February 2002 when he cast doubt on the creditworthiness of the Kirch media group headed by Leo Kirch. The group collapsed soon afterwards.
After years of litigation, Deutsche Bank settled with Kirch's heirs.
Deutsche Bank's venture into the international markets has also been cut back under chief executive Christian Sewing.