ABN Amro CEO Gerrit Zalm will step down next year even though his contract runs until 2018, the bank confirmed on Tuesday.

Zalm, a former finance minister, was appointed to head the nationalised bank in 2009 and his contract was renewed in 2014 for four years. At the time, Zalm, 64, said he intended to see out the full period.

The bank said in short statement that ‘after the bank’s split-up, merger and IPO, Mr Zalm has decided to make way for a new chairman who will be able to lead the bank for a longer period of time.’

No date for his departure has yet been given and the bank said the supervisory board will make more announcements when information becomes available.

The search is now on to find a successor.

The Financieele Dagblad said this summer that Zalm would go early, having completed the successful integration of ABN Amro and Fortis Nederland and started the privatisation process.

Current consumer banking chief Chris Vogelzang who is relatively young at 53, is considered to be the best internal candidate to replace Zalm, the FD said.