The head of Germany's largest private bank is getting ready for retirement, according to German news magazine Focus.

Deutsche Bank's chief executive, Josef Ackermann, does not intend to renew his mandate beyond 2013 when he turns 65, the magazine reported in its Monday issue.

"Prolonging one's term indefinitely until one falls off the chair is not a solution," the Swiss banker told Focus.

Ackermann, whose contract was already once extended until 2013 after no suitable successor was found, has "categorically" denied rumors that his contract would be extended another three years to 2016.

Anshu Jain, who currently heads Deutsche Bank's investment banking division, is rumored to be the favorite to assume Ackermann's position - although German media have also reported that Axel Weber, president of Germany's central bank, could also be a candidate.

Author: David Levitz (AFP, dpa)

Editor: Martin Kuebler