Michael Steinbach has been chairman of Equens' board of directors since 1 May 2007. Before his appointment as chairman, he held the position of deputy chairman. He has been spokesman of the board of directors of Transaktionsinstitut für Zahlungsverkehrsdienstleistungen AG (TAI) since July 2003. Prior to his appointment at TAI in 2003, he was a director of DZ Bank (Deutsche Zentral-Genossenschaftsbank), where he led the payments department. During his career, Steinbach has gained extensive experience in the payments industry. In 1985, he became head of the electronic payments (e-payments) department at the then Genossenschaftliche Zentralbank or GZB-Bank (co-operative central bank) in Stuttgart. Since then he has headed increasingly large and complex payment divisions formed by mergers in the German banking world. Steinbach is a member of many significant national and international payment committees.