German government proposes Ulrich Schroeder as new head of KfW Bankengruppe

BERLIN (Thomson Financial) - The German government is proposing Ulrich Schroeder as the new head of state-owned development bank KfW Bankengruppe, the Ministries of Finance and Economy said in a joint statement.

Schroeder, who currently heads North Rhine-Westphalia's development bank NRW Bank, has to be officially appointed by KfW's administrative board, which is chaired by Economy Minister Michael Glos.

He will take on his new responsibilities 'as soon as possible' after the board's approval, the ministries said.

Schroeder's predecessor Ingrid Matthaeus-Maier announced in April she was stepping down as KfW head for health reasons but she will remain a member of the bank's management board until her retirement in autumn. [e-mail] jcs/jrr COPYRIGHT Copyright Thomson Financial News Limited 2008. All rights reserved. The copying, republication or redistribution of Thomson Financial News Content, including by framing or similar means, is expressly prohibited without the prior written consent of Thomson Financial News.