KfW IPEX-Bank GmbH have made some key personnel decisions regarding senior executive positions.

Mr Klaus R. Michalak has been appointed as CEO of KfW IPEX-Bank as from 1 May 2014.

Mr Michalak joined KfW IPEX-Bank on 1 May 2013 as Managing Director and was previously employed by Deutsche Bank as Global Head of Structured Trade & Export Finance.

Likewise on 1 May 2014, Mr Andreas Ufer will take over the position of Managing Director of KfW IPEX-Bank. Mr Ufer has worked in export and project finance at KfW since 1988 and has been head of Power, Renewables and Water at KfW IPEX-Bank since 2002.

Subject to the approval of the supervisory authorities and the final appointment, Mr Ufer will move to the Management Board of KfW IPEX-Bank on 1 May 2015 and will take over the function of CRO (Chief Risk Officer).

Within KfW Bankengruppe, KfW IPEX-Bank GmbH is in charge of international project and export finance. Its function of providing financing to support the German and European economy is derived from the legal mandate of KfW Bankengruppe. Its prime focus is on medium and long-term lending to support the export economy and develop economic and social infrastructure, and for environmental and climate protection projects.

KfW IPEX-Bank operates as a legally independent group subsidiary and contributes significantly to the promotional mission of KfW Bankengruppe. It has around 590 employees and is represented in the key economic and financial centres around the globe.