December 7, 2017 / 4:58 PM / in 9 days

Head of Germany's KfW to stand down at year end for health reasons

BERLIN, Dec 7 (Reuters) - The head of Germany’s state-owned development bank, the Kreditanstalt fuer Wiederaufbau (KfW) , will stand down at the end of the year for health reasons, it said on Thursday after a board meeting.

Ulrich Schroeder, 65, had his contract extended until 2020 two years ago. His deputy, Guenther Braeunig, will assume his duties until a permanent replacement can be found, the KfW said in a statement.

The Handelsblatt daily first reported on Wednesday that Schroeder was expected to resign.

Schroeder took charge at the KfW in 2008, the year the world plunged into a financial crisis. He told staff two years ago he was suffering from cancer but kept working while undergoing treatment.

The KfW has a broad mandate in running subsidy programmes, financing export projects and managing a portfolio of state investments in companies that include Deutsche Telekom and Deutsche Post. (Reporting by Douglas Busvine; Editing by Mark Potter)

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