The Presidial and Nomination Committee of the KfW Board of Supervisory Directors has approved the termination of Prof. Dr Joachim Nagel's activities as member of the KfW Executive Board as of 1 November 2020 and the conclusion of a termination agreement. Professor Nagel will resign from his position as a member of the KfW Group Executive Board with effect from 1 November 2020 and will join the Bank for International Settlements (BIS) as Deputy Head of Banking and member of the Executive Board at that time.

Economist Prof. Dr Joachim Nagel (53) has been a member of the Executive Board of KfW Group since 1 November 2017 and is responsible for the promotion of developing countries and emerging economies, which comprises KfW Development Bank and the KfW subsidiary DEG, as well as the export and project finance activities carried out by KfW IPEX-Bank. Prior to this, Professor Nagel worked at the Deutsche Bundesbank for 17 years, six of them as a member of the Executive Board, where he was responsible, inter alia, for the Markets, IT and Controlling directorates general.