Tim Armbruster to become new Treasurer at KfW

• Due to join KfW on 1 March 2020 and take over the role of Treasurer on 1 May 2020
• KfW’s Chief Executive Officer Dr Günther Bräunig: “Continuity of excellent Treasury management is guaranteed”
• Current Treasurer Czichowski to supervise handover for the first months

Tim Armbruster will join KfW on 1 March 2020 and then take over the role of Treasurer of KfW Group on 1 May 2020. He will succeed Dr Frank Czichowski, who will be retiring after 30 years of service for KfW.

“In Mr Armbruster, we have gained an outstanding Treasurer” says Dr Günther Bräunig, Chief Executive Officer of KfW Group. “Thanks to his many of years of wide-ranging experience, he will bring the expertise required to manage the ‘Financial Markets’ Department at Germany’s largest promotional bank. The continuity of our excellent Treasury management will also be ensured by the fact that Mr Czichowski will be providing specialist supervision of the handover process until 1 May 2020.”

The KfW Treasurer’s responsibilities include, in particular, the asset/liability management of the bank with a balance sheet total of around half a trillion euro, the funding of KfW as one of the world’s largest issuers of the SSA segment on the global capital markets, as well as the management of KfW’s fixed-income portfolios. Tim Armbruster has 20 years of experience that he gained in a variety of treasury roles at Eurohypo AG, Commerzbank AG and Deutsche Pfandbriefbank AG, and as Treasurer of FMS Wertmanagement Group and of Aareal Bank AG.

Since joining KfW in 1989, Dr Frank Czichowski had taken on a number of roles at KfW Development Bank, and then particularly in the group’s ‘Financial Markets’ Department. He assumed the role of Treasurer of KfW Group in 2004. “We would like to thank Frank Czichowski for his outstanding work for KfW. With his strategic approach that was geared towards the long term, he made sure the ‘Financial Markets’ Department is set up for the future. Czichowski played a key role in the development and shaping of KfW’s professional, internationally renowned capital market activities. He also at an early stage recognised the importance of developing sustainable financial markets, and by implementing the corresponding strategy for KfW’s capital market activities, he contributed to a change in mindsets around the world,” explains Bräunig.

Note:
The KfW photo desk would be happy to provide a portrait of Mr Tim Armbruster. Please contact