Germany's Deutsche Bank (DB) Monday said Chief Executive Josef Ackermann is no longer available to become supervisory board head when he leaves his CEO post in May next year, and is proposing Paul Achleitner, head of finance at Allianz SE (ALV.XE), as supervisory board chairman.

Deutsche Bank cited the "extremely challenging conditions on the international financial markets and in the political-regulatory environment" which mean Ackermann has to focus on his tasks as CEO and can't participate in "the many talks with individual shareholders necessary to implement the original plan" of him becoming supervisory board chairman.

Allianz said, "Paul Achleitner has signaled his availability to Deutsche Bank," and will leave the insurer's executive board at the end of May 2012 should the supervisory board release him from his contractual obligations.

-By Harriet Torry, Dow Jones Newswires, +49 69 29 725 500; harriet.torry@dowjones.com