Commerzbank AG said its chief financial officer Eric Strutz has planned to step down when his contract expires in March, Bloomberg reported.

Eric joined the Germany’s second biggest bank in 2001 and became chief in 2003. He told the supervisory board that he does not wish to extend his mandate, Commerzbank said.

As the management board member since 2004, he  helped lead the bank during the purchase of unprofitable rival Dresdner Bank before the 2008 collapse of Lehman Brothers Holdings Inc, the ensuing credit crisis and a government bailout.  

Chairman Klaus-Peter Mueller said, “Eric Strutz has guided the finances of the bank through extremely difficult times, and it is not only this that has gained him an outstanding reputation.”

Frankfurt-based bank received 18 billion euros ($26 billion) from Soffin bank rescue fund.

The bank said on June 7 it raised 5.3 billion euros in the second step of a capital increase to raise a total of 11  billion euros to repay government aid.

Commerzbank AGis the second-largest bank in Germany, after Deutsche Bank, headquartered in Frankfurt am Main.

The company holds a nationwide  network of branch offices throughout Germany and numerous branch offices in the EU and Europe (namely London, Luxembourg, Poland, Spain and Switzerland) and with a leading market share in online banking. EuroHypo is an integral part of Commerzbank.