The European Bank for Reconstruction and Development (EBRD) has appointed Jürgen Rigterink as its new first vice-president. Rigterink is currently the CEO and chairman of the management board of FMO. He will take up his new post in April 2018.

As first vice-president, Rigterink will lead the EBRD’s client services group, which includes responsibility for its banking operations, policy reform dialogue and partnerships. He will replace Phil Bennett, who is set to retire next year.

Before his time at FMO, Rigterink worked in the private sector at ABN Amro, where he ran the company’s activities in Kazakhstan and held a number of senior positions, including sector head of Central and Eastern Europe, Middle East and Africa.

“Jürgen Rigterink has a very deep knowledge of both the development arena and commercial banking – a combination which will allow us to press our advantage in the way that we deliver project investment and support economic reform in our countries of operation,” says Sir Suma Chakrabarti, president of the EBRD.

The search for Rigterink’s successor at FMO has begun. “The decision to leave FMO was not taken lightly,” says Rigterink. “We have just launched a new strategy that will deliver an even higher impact portfolio and deepen our relationships. Every day, I see the positive difference FMO makes in emerging markets. I have nothing but confidence in the highly capable team I have been privileged enough to work with and am proud of what we have accomplished as one of the world’s most successful development finance institutions.”

During his nine years at FMO, Rigterink contributed to the company’s growth across all of FMO’s three directorates (corporate, risk management and investment). He launched the banking platform Arise, together with Norfund, FMO and Rabobank, to drive local prosperity and poverty reduction in Africa through effective, inclusive financial intermediation.

During his tenure as CEO, FMO also facilitated the first close of Climate Investor One, an innovative sector commitment designed to combat the detrimental effects of unmitigated climate change by accelerating the delivery of renewable energy projects in developing and emerging markets.