Hamburg Commercial Bank (HCOB) has moved early to secure key executives on new contracts into 2023.
The shipping lender's supervisory board said the deal for chief executive Stefan Ermisch, 54, has been extended until the end of that year.
Chief risk officer and deputy CEO Ulrik Lackschewitz, 52, will stay on until at least mid-2023.
"With these reappointments the supervisory board confirms the excellent work of Stefan Ermisch and Ulrik Lackschewitz in the past years and ensures continuity for the future of HCOB as a privatised commercial bank," HCOB said.
The former state-controlled HSH Nordbank was bought in November 2018 for $1.2bn by a consortium led by Cerberus Capital Management and JC Flowers.
Slimming down
Prior to its privatisation, the bank had been one of the world's largest ship financiers.
But its new owners have drastically slimmed down its shipping operation in order to turn around losses of €182m in 2018.
The executive pair will now stay on until after the transformation is completed.
"Stefan Ermisch has steered Hamburg Commercial Bank very successfully through the transformation to date and has thus mastered one of the most demanding tasks in the German banking industry in an exemplary manner," said chairman Juan Inciarte.
The right man
"I am convinced that with him we also have the right CEO on board for our future as a commercial bank and specialist financier."
HCOB saw earnings from ship finance drop by 36% in the first half of the year.
Shipping generated net income of €66m ($79m) for the six months to the end of June. That is down from €100m in the same period of 2019.
The bank's shipping loan portfolio dropped slightly to €4.5bn at the end of June.
Head of shipping Jan-Philipp Rohr has shifted the focus to secondhand tonnage and the refinancing of existing loans from banks that have exited shipping.
The bank also managed a 25% cut in loan loss provisions to €66m in the period.
