OREANDA-NEWS. Following the meeting of KfW's Board of Supervisory Directors the Board Chairman Dr Wolfgang Schauble, Federal Minister of Finance, and the Deputy Chairman Dr Philipp Rosler, Federal Minister of Economics and Technology, made the following announcement:

The Board of Supervisory Directors of KfW appointed Dr Ingrid Hengster (52) to the Executive Board of the KfW Group. Dr Hengster will succeed Dr Axel Nawrath (59), whose contract expires on 31 March 2014.

Over the past years Dr Nawrath has shown a great deal of commitment and done outstanding work in the bank's promotional work; he has been instrumental in further professionalising KfW's promotional offering. He has implemented the KfW Special Programme to support businesses in the economic and financial crisis and initiated important developments in the financing offers for environmental and energy projects. We extend our sincerest thanks to him for the work he has performed, also on behalf of the entire Board of Supervisory Directors of KfW.

Dr Hengster is a personality with a very good reputation and many years of professional experience at the Frankfurt financial centre. She has been the Country Executive of the Royal Bank of Scotland Germany since 2008. We expect her to provide further impetus, particularly for the alignment of SME finance and for domestic and European promotional business. We are pleased that her appointment will bring a second woman to KfW's six-member Executive Board.

The Board of Supervisory Directors has appointed Bernd Loewen (47) to the Executive Board for another five years from 1 July 2014. Holder of a degree in business administration, he was appointed Chief Financial and Risk Officer of the KfW Group from 1 July 2009. Through his dedication and expertise Mr Loewen has been playing a significant part in ensuring that KfW successfully meets and will continue to meet the particular challenges of this area.