KfW Supervisory Board:

• Prof. Dr Joachim Nagel appointed to KfW Executive Board
• Contract of Executive Board Member Dr Ingrid Hengster extended

The Chairman of the KfW Board of Supervisory Directors and Germany's Federal Minister of Finance, Dr Wolfgang Schäuble, and Deputy Chairwoman and Federal Minister of Economic Affairs and Energy, Brigitte Zypries, issued this statement following the meeting of the KfW Board of Supervisory Directors on 29 June 2017:

The KfW Board of Supervisory Directors today appointed Prof Dr Joachim Nagel (51) as a member of the Executive Board of KfW. Dr Nagel has served as General Manager at KfW since 1 November 2016 and had previously been a member of the Executive Board of Deutsche Bundesbank since 2010. He will be responsible for International Business on the KfW Executive Board with effect from 1 November 2017 and will provide valuable impetus for the promotional bank's work based on his many years of experience in finance. His contract will run until 31 October 2020.

Dr Nagel will succeed Dr Norbert Kloppenburg (61), who is going into retirement on 31 October 2017. Dr Kloppenburg can look back on 28 years working with KfW. As a member of the Executive Board, he was responsible for the broad spectrum of International Financing for more than ten years. Dr Kloppenburg has significantly shaped the promotion work of KfW Development Bank and KfW Group's two subsidiaries, Deutsche Investitions- und Entwicklungsgesellschaft mb (DEG) and KfW IPEX-Bank, as well as expanded their activities with great success. We would like to thank Dr Kloppenburg for his many years of work characterised by specialist expertise and great personal commitment, and we wish him all the best personally for his life after departing from our bank.

The KfW Board of Supervisory Directors has also appointed Dr Ingrid Hengster (56) as a member of the Executive Board of KfW for five more years. She has been a KfW Executive Board member since 1 April 2014 and is responsible for Domestic Promotion, where she focuses mainly on strengthening SME finance and expanding promotion for energy efficiency measures. In recent years, she has achieved particular success in advancing the business area in terms of digitalisation and realigning equity financing. The future-oriented development of domestic promotional business will stay in the focus of her work in the years ahead.

The KfW Supervisory Board also decided to take the necessary measures in order to appoint Dr Günther Bräunig (61) as Deputy Chief Executive Officer of KfW. Dr Bräunig represents Chief Executive Officer Dr Ulrich Schröder who is absent due to illness.

Portrait photographs and curricula vitae