By Jenny Strasburg

FRANKFURT--Deutsche Bank AG Chairman Paul Achleitner, facing a shareholder challenge to his leadership, said Thursday that the lender is on the right track despite a year "fraught with setbacks", including new regulatory investigations and share declines.

Mr. Achleitner opened the bank's annual meeting by telling investors that the decision not to merge with Commerzbank AG was the right decision because the deal's risks outweighed potential benefits.

He also said he didn't feel political pressure, and the decision to begin and end talks was the management board's.

Without a merger, Deutsche Bank must grow organically now, Mr. Achleitner said.

Write to Jenny Strasburg at jenny.strasburg@wsj.com

(END) Dow Jones Newswires

May 23, 2019 04:44 ET (08:44 GMT)