Anshu Jain, the former Deutsche Bank AG (DBKGn.DE) co-chief executive officer, died early on Saturday at the age of 59 after a long, serious illness, the bank said.

"Anshu Jain played a key role in expanding Deutsche Bank's position in our global business with companies and institutional investors," said Alexander Wynaendts, chairman of the bank's supervisory board.

"Today, this is of strategic importance not just for Deutsche Bank, but for Europe as a financial centre," he added.

Jain was instrumental in building the company’s global capital markets business, the bank said.

The Indian-born banker was appointed to Deutsche's management board in 2009 and was responsible for the corporate and investment bank division from 2010. From 2012 to 2015, he was co-CEO.

"Anyone who worked with Anshu experienced a passionate leader of intellectual brilliance," said present CEO, Christian Sewing.

Bloomberg News earlier reported that Jain had been suffering from cancer for five years.

"We are deeply saddened that our beloved husband, son, and father, Anshu Jain, passed away overnight," his family said in a statement, according to the report.

Jain outlived his initial diagnosis, made in January 2017, by four years, his family added.

He joined Deutsche Bank in 1995 to launch a division specialising in hedge funds and derivatives.

He resigned from Deutsche Bank in 2015 and had been the president of financial services firm Cantor Fitzgerald since 2017.

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