Belgin Rudack will be the new boss

Dhe state development bank KfW has found a new boss for its subsidiary Ipexbank. Belgin Rudack will be appointed to the bank’s management board on January 1, 2023 and will take over as chairman of the management board on March 31, 2023 after Klaus Michalak leaves. A spokesman for KfW confirmed the corresponding information from the FAZ on request.

Born in 1967, Rudack comes from Creditplus Bank AG, a Stuttgart subsidiary of the French Crédit Agricole Group, which specializes in sales and trade finance. She has been CEO there since 2017. With total assets of 6.6 billion euros, the bank is significantly smaller than Ipexbank, which moves almost 30 billion euros.

In the context of KfW, it is emphasized that Rudack Creditplus has realigned and introduced new sales structures. Before that, the business graduate held various management positions in several international commercial banks, including the PlanetHome Group, the Santander Consumer Bank, the GE Capital Group and the Citigroup. Michalak, who turned 65 in July, can now retire as planned.

Embarrassing large loan to Wirecard

Within the state development bank, Ipexbank is responsible for export and project financing. A large loan to the scandalous group recently caused a stir Wirecard taken care of, which the state bank had secured much worse than its private competitors. After the collapse of the payment service provider, only a fraction of the original EUR 100 million loan remained.

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