Germany s state-owned KfW bank to name Stefan Wintels as new head - sources Reuters 1 hr ago
BERLIN, June 1 (Reuters) - Germany s ruling coalition agreed to name Stefan Wintels as the head of state-owned development bank KfW, two sources told Reuters on Tuesday.
Wintels, the head of Citigroup bank in Germany, will replace Guenther Braeunig, whose contract will expire in the summer.
The new appointment will be submitted to the cabinet for approval on Wednesday.
KfW, which since March last year has supervised and funded government aid packages to companies during the coronavirus crisis, was not immediately available for comment.
Citigroup declined to comment. (Reporting by Holger Hansen; Writing by Riham Alkousaa; Editing by Jan Harvey)
Förderbank: Citi-Banker Stefan Wintels soll wohl neuer KfW-Chef werden wiwo.de - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from wiwo.de Daily Mail and Mail on Sunday newspapers.
(Bloomberg) An expected wave of European bank consolidation will be driven by local mergers rather than the kind of headline-grabbing, cross-border deals many see as necessary to creating regional champions.That’s because weak stock prices in the sector are curtailing the fire-power required for lenders to pull off truly transformational deals, advisers say. A fragmented regulatory landscape and risks associated with sovereign debt exposure could also keep tie-ups within national borders.“There is a sense in some boardrooms that share prices have to improve before making major strategic moves,” said Andreas Lindh, co-head of JPMorgan Chase & Co.’s financial institutions group in Europe, the Middle East and Africa. “No one wants to act from a position of weakness.”Bank valuations in Europe remain near historic lows, with lenders battling rock-bottom interest rates and costs linked to regulation, restructurings and aging technologies. At t
(Bloomberg) An expected wave of European bank consolidation will be driven by local mergers rather than the kind of headline-grabbing, cross-border deals many see as necessary to creating regional champions.That’s because weak stock prices in the sector are curtailing the fire-power required for lenders to pull off truly transformational deals, advisers say. A fragmented regulatory landscape and risks associated with sovereign debt exposure could also keep tie-ups within national borders.“There is a sense in some boardrooms that share prices have to improve before making major strategic moves,” said Andreas Lindh, co-head of JPMorgan Chase & Co.’s financial institutions group in Europe, the Middle East and Africa. “No one wants to act from a position of weakness.”Bank valuations in Europe remain near historic lows, with lenders battling rock-bottom interest rates and costs linked to regulation, restructurings and aging technologies. At t