Head of the bank's German division since 2005, Fitschen, 62, has been a member of Deutsche Bank's management board since 2009, following stints in Asia and London.

He thus knows the bank's domestic and foreign operations well, and also sits on the supervisory boards of German retail giant Metro and specialty glass maker Schott.

In addition, Fitschen has a seat on the board of directors of the German logistics group Kuehne+Nagel.

Fitschen is slated to be the bank's "German face" in partnership with Indian-born Jain, who will be free to focus on core investment banking activities and international expansion, notably in Asia.

Both executives have expressed strong admiration for one another and Fitschen, Whose board mandate was extended by three years, when he will have reached retirement age, did not seek to run Deutsche Bank on his own, according to the German daily Die Welt.

"I could ask for no better partner than Anshu in building further on the bank’s success in our home market and worldwide," a statement quoted Fitschen as saying.

Jain added: "I’m humbled and honoured at having been asked to lead this great institution together with Juergen."

Copyright AFP (Agence France-Presse), 2011