KfW IPEX-Bank appoints Klaus Reinhold Michalak

• Former Global Head of Structured Trade and Export Finance at Deutsche Bank

The Board of Supervisory Directors of KfW IPEX-Bank, together with KfW as a shareholder, has appointed Mr Klaus Reinhold Michalak (55) to a senior management role at KfW IPEX-Bank. Under regulatory requirements and in agreement with the German Financial Supervisory Authority (BaFin), Michalak, formerly Global Head of Structured Trade and Export Finance at Deutsche Bank, is to join KfW IPEX-Bank initially as Managing Director, and will take over the supervisory and functional management of the Products & Corporate Affairs division with effect from 1 May 2013. Going forward, after one year in this post he will direct the business of KfW IPEX-Bank as Chairman of the Management Board.

"We are pleased that in recruiting Mr Klaus Reinhold Michalak to KfW IPEX-Bank we have been able to secure a recognised expert with many years of experience in export and project finance", said Dr Norbert Kloppenburg, Chairman of the Board of Supervisory Directors of KfW IPEX-Bank and a member of KfW's Executive Board. "We are convinced that with his expertise and personality he will further develop KfW IPEX-Bank’s profile as a leading specialist financier in the field of export and project finance and will continue the bank's successful course in a challenging market environment."

Klaus Reinhold Michalak has spent his previous career working for Deutsche Bank. In his last position there he was Global Head of Structured Trade and Export Finance. He is married and has three children.

About KfW IPEX-Bank

Within KfW Bankengruppe, KfW IPEX-Bank GmbH is in charge of international project and export finance. Its function of providing financing to support the German and European economy is derived from the legal mandate of KfW Bankengruppe. Its prime focus is on medium and long-term lending to support the export economy and develop economic and social infrastructure, and for environmental and climate protection projects. It operates as a legally independent group subsidiary and contributes significantly to the promotional mission of KfW Bankengruppe. It has around 590 employees and is represented in the key economic and financial centres around the globe.