Personnel changes at KfW IPEX-Bank and DEG

Frankfurt (ots) -

- KfW IPEX-Bank: Klaus R. Michalak appointed as CEO
- KfW IPEX-Bank: Andreas Ufer becomes Managing Director
- DEG: Christine Laibach appointed as Member of the Management
Board
- DEG: Dr Michael Bornmann to retire from the Management Board

The supervisory boards of the KfW subsidiaries DEG - Deutsche
Investitions- und Entwicklungsgesellschaft mbH and KfW IPEX-Bank GmbH
have made some key personnel decisions regarding senior executive
positions in their respective companies. Mr Klaus R. Michalak has
been appointed as CEO of KfW IPEX-Bank as from 1 May 2014. Mr
Michalak joined KfW IPEX-Bank on 1 May 2013 as Managing Director and
was previously employed by Deutsche Bank as Global Head of Structured
Trade & Export Finance. Likewise on 1 May 2014, Mr Andreas Ufer will
take over the position of Managing Director of KfW IPEX-Bank. Mr Ufer
has worked in export and project finance at KfW since 1988 and has
been head of Power, Renewables and Water at KfW IPEX-Bank since 2002.
Subject to the approval of the supervisory authorities and the final
appointment, Mr Ufer will move to the Management Board of KfW
IPEX-Bank on 1 May 2015 and will take over the function of CRO (Chief
Risk Officer).

Ms Christiane Laibach has been appointed Member of the Management
Board of DEG - Deutsche Investitions- und Entwicklungsgesellschaft
mbH with effect from 15 February 2015. In the meantime, Ms Laibach
will continue in her current role as Member of the Management Board
of KfW IPEX-Bank, where she is responsible for risk management and
finance. Ms Laibach has been with KfW since 1990, has held various
executive positions in export and project finance and has been a
Member of the Management Board of KfW IPEX-Bank since 2008. Ms
Laibach will succeed Dr Michael Bornmann, who will step down after
ten years on the Management Board of DEG on 15 February 2015, on the
occasion of his retirement. Dr Bornmann joined KfW in 1982 and in the
following years he was instrumental, among other things, in shaping
the strategic orientation of the domestic promotional business. As
Member of the Management Board of DEG, since 2005, he has helped DEG
to become further integrated into the KfW Group, played an important
part in the modernisation of DEG, and successfully managed the areas
for which he was responsible.

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