Hans Herold, global head of the structured trade and export finance (STEF) group within Deutsche Bank’s global trade finance division will retire at the end of March 2004. Klaus Michalak has been appointed as his successor.
Michalak has more than 14 years experience in project and export finance and most recently heading STEF Germany. He has special expertise in financing projects in the oil, gas and petrochemical industries. Moreover, he has arranged export finance facilities for major investment projects in the Middle East, the CIS and Asia which involved intense co-operation with major export credit agencies of OECD countries.
Udo Bergholz will take over from Michalak as the new head of STEF Germany. As well as Germany, country responsibilities in this new role include Austria, Italy, Central and Eastern Europe and Iran. Bergholz has in-depth expertise in CIS countries, having held various positions in Deutsche Bank representative offices and previously working for a business consulting firm in the region.
Herold is leaving the bank after a 36-year long career – most of which he spent at Kreditanstalt fur Wiederaufbau (KfW). His role at KfW included various positions in the project and export finance industry spanning various sectors such as industry, telecoms, energy and infrastructure.
Herold joined Deutsche in 1997.