Dr Joachim Nagel takes up his post as Member of KfW Group’s Executive Board on 1 November

Dr Norbert Kloppenburg is leaving after 28 years – having been Member of KfW's Executive Board for nearly 11 years

Dr Joachim Nagel will take up his post as a member of KfW Group's Executive Board with effect from 1 November 2017, assuming responsibility for international business. On 29 June 2017, Dr Nagel (51) was appointed as a member of the Executive Board by the KfW Board of Supervisory Directors. Already at the beginning of October, he was appointed to succeed Dr Norbert Kloppenburg as a member of the Board of Supervisory Directors at KfW IPEX-Bank GmbH and was elected as its chairman on 25 October 2017.

Before joining KfW Group as General Manager on 1 November 2016, he had served in several leadership positions at Deutsche Bundesbank since 1999. From 2010 to 2016, he was Member of the Executive Board, where his responsibilities encompassed the Directorates General Markets and Information Technology. Starting in 2015 until 2016, he was also responsible for Controlling and, in 2014 he temporarily stood in as the Executive Board Member responsible for Banking Supervision.

"With the appointment of Dr Joachim Nagel, KfW is gaining a recognised financial expert with an international network and many years of experience in banking. He can provide valuable impetus for KfW's work," said Dr Günther Bräunig, Deputy Chief Executive Officer of KfW Group.

He succeeds Dr Norbert Kloppenburg, who will retire on 31 October. Dr Kloppenburg was first appointed to the KfW Executive Board on 1 January 2007 and had been working at KfW since 1989.

"The KfW Executive Board thanks Dr Kloppenburg for his exceptional commitment to KfW's international business, which was characterised by constant growth and success during his term of office. Sustained stable returns at KfW IPEX-Bank and DEG are representative of his Board activity, as is the advancement of development cooperation, particularly due to the provision of market funds," said Dr Günther Bräunig.

Dr Kloppenburg can look back on a brilliant career in his 28 years at KfW. He began as a simple Project Manager at KfW Development Bank and passed through all the hierarchy levels of the bank, first as Office Director in Brussels, then as Head of Division in Export and project finance, and as Senior Vice President at KfW Development Bank, until he was appointed to the KfW Executive Board in 2007.

"Dr Kloppenburg is a globally recognised loan and cross-cultural expert and an extremely active development financier who was very committed to alleviating poverty, protecting the climate and environment, and promoting the private sector. As Chairman of the Supervisory Board, he led KfW IPEX-Bank with a steady hand and set the right course," said Dr Bräunig.

Dr Kloppenburg, who holds a doctorate in agricultural science, demonstrated his proven experience with developing countries and detailed knowledge of economic correlations and (international) banking time and again. Furthermore, during the nearly 11 years of his work on the Executive Board, he maintained his grassroots relationships through numerous field visits to sites all over the world and used them to further develop innovative concepts in development financing.