Hypo Real Estate Group announced a raft of appointments and resignations on Monday which conclude the re-organisation of its management structure. The restructuring began in October last year when the troubled property financier was saved from collapse by a EUR 50 bn public-private bailout. Germany's bank rescue fund SoFFin has also extended billions of euros worth of guarantees to Hypo.
Hypo Real Estate Group announced a raft of appointments and resignations on Monday which conclude the re-organisation of its management structure. The restructuring began in October last year when the troubled property financier was saved from collapse by a EUR 50 bn public-private bailout. Germany's bank rescue fund SoFFin has also extended billions of euros worth of guarantees to Hypo.
The bank said Dr Axel Wieandt who succeeded Georg Funke as CEO of the Hypo group when the bailout was agreed has officially been appointed CEO of its key Hypo Real Estate Bank unit. Kai Wilhelm Franzmeyer and Frank Krings were also appointed to the board of Hypo Real Estate Bank.
Charles Balch, Reinhold Güntner and Frank Hellwig have retired from the board of Hypo Real Estate Bank but will continue to work for the company in their existing areas of responsibility.
Manuela Better has been appointed to the management boards of Hypo Real Estate Holding and Hypo Real Estate Bank from 1 February 2009.
In a statement the group said all its activities are being concentrated on Hypo Real Estate Bank - created by the merger of its two finance units, Hypo Real Estate Bank International and Hypo Real Estate Bank in December 2008 - to simplify and focus the business. With effect from 1 February 2009, Better will assume the function of chief risk officer of Hypo Real Estate Holding. She takes over as CRO from Bettina von Oesterreich. Hypo Real Estate said Von Oesterreich is leaving the bank at her own request, for personal reasons.
Hypo Real Estate said Cyril Dunne and Robert Grassinger have also retired from the Management Board of Hypo Real Estate Holding. The group is still to appoint a chief financial officer and a management board member with responsibility for the real estate finance business.
