Chief of Germany's Commerzbank to leave 2016

Germany's second biggest banking group Commerzbank said Sunday that its chief executive Martin Blessing had declined to stay on at the helm beyond next year.

"Blessing informed Supervisory Board Chairman Klaus-Peter Mueller today that he will fulfil his contract, which runs until end of October 2016, but he will not accept the offer to extend his term," it said in a statement.

Mueller expressed "deep regret" over Blessing's decision and his "appreciation for the success" the 52-year-old executive achieved.

Blessing said in his own statement that after 15 years on the Commerzbank board, and half that time as chief executive, he was ready to "start a new chapter in my career".

Frankfurt-based Commerzbank was severely hit by the financial crisis, having to be rescued by the state in 2009, and the government still holds a 15 percent stake in the bank.

After thousands of layoffs and a strict cost-cutting drive, it has since managed a successful turnaround.

In August, Commerzbank announced that its second-quarter profits had almost tripled, buoyed by higher revenue and a lower tax bill.

It is due to announce its third quarter results on Monday.