BHF-BANK announces top level management change; Ernst Michel Kruse appointed to succeed Wolfgang Strutz.FRANKFURT, Germany--(BUSINESS WIRE)--Jan. 15, 1997--BHF-BANK Aktiengesellschaft (OTC OTC See: Over-the-counter. OTC See over-the-counter market (OTC). : BHFFY) today announced that the Supervisory Board Supervisory board The board of directors that represents stakeholders in the governance of the corporation. of the bank has appointed Ernst Michel Kruse, 52, to succeed Wolfgang Strutz, 63, as Spokesman for the Board of Managing Directors of BHF-BANK, effective May 13, 1997. Mr. Kruse, previously Vice Chairman of the Board of Chase Manhattan Corporation The Chase Manhattan Corporation was a bank holding company formed as parent of the Chase Manhattan Bank. During its time as the parent company, it was led in succession by David Rockefeller, Willard C. Butcher, and Thomas G. Labrecque. , New York New York, state, United States New York, Middle Atlantic state of the United States. It is bordered by Vermont, Massachusetts, Connecticut, and the Atlantic Ocean (E), New Jersey and Pennsylvania (S), Lakes Erie and Ontario and the Canadian province of , will join the bank's Board of Managing Directors as a regular member, effective February 1, 1997. At its meeting today, the Supervisory Board of the bank agreed to comply with Mr. Strutz's request to be released, for reasons of health, from his position as Spokesman, effective as of the end of the bank's Annual General Meeting on May 13, 1997. Mr. Strutz has been a member of the central management of the bank since 1983. Drawing on his extensive banking experience, he has played an active role in determining significant changes in the strategic direction of BHF-BANK. Since taking over the position as Spokesman in 1992, Mr. Strutz was instrumental in the strategic development of the bank into a focused advisory and trading bank. After stepping down, Mr. Strutz will continue to be closely affiliated with the bank. At the bank's request, he will continue to hold his positions as the Supervisory Board Chairman of the Deutsche Hypothekenbank (Actien-Gesellschaft), of AGIV Aktiengesellschaft fuer Industrie und Verkehrswesen and of Felten & Guilleaume Energietechnik AG. Furthermore, it is being proposed to the bank's Advisory Board that Mr. Strutz be elected as Deputy Chairman of that body. The appointment of Mr. Kruse is consistent with BHF-BANK's long- established international orientation. Until the time of the merger with the Chemical Banking Corp., Mr. Kruse was responsible for the entire worldwide wholesale banking business of Chase Bank. He then assumed the responsibility as Vice Chairman of the Board for the Finance, Risk Management and Global Services Divisions. Through his broad experience in international commercial and investment banking business, which he has proved in responsible positions in Europe, the U.S. and the Far East, Mr. Kruse is particularly well qualified for assuming the top leadership position at BHF-BANK. Commenting on his new position, Mr. Kruse said: "After 15 years in New York and a total of 25 years overseas, I am delighted to be taking up my new responsibilities in Europe. I believe that my background and experience have prepared me extremely well for my new leadership position at BHF-BANK." BHF-BANK, headquartered in Frankfurt, is a specialized spe·cial·ize v. spe·cial·ized, spe·cial·iz·ing, spe·cial·iz·es v.intr. 1. To pursue a special activity, occupation, or field of study. 2. commercial bank with assets of DM 73 billion and expertise in corporate banking, specialized lending, financial markets, private banking and asset management. The bank has a sponsored ADR Sponsored ADR An ADR which is issued in co-operation with the underlying foreign company whose equity shares will underly the ADR shares. With the corporation's sponsorship, the ADRs created in the issue usually afford their owners the same rights normally given to stockholders, program in which ten ADSs represent one ordinary share. The bank s market capitalization Market Capitalization A measure of a public company's size. Market capitalization is the total dollar value of all outstanding shares. It's calculated by multiplying the number of shares times the current market price. This term is often referred to as market cap. is approximately US$2 billion. -Biographical information on Ernst Michel Kruse follows- Mr. Kruse was born in Holstein, Germany and began his career in sales at Deutsche Lufthansa AG in 1963. From 1967 - 1971 he studied business at the University of Berlin, Stanford University Stanford University, at Stanford, Calif.; coeducational; chartered 1885, opened 1891 as Leland Stanford Junior Univ. (still the legal name). The original campus was designed by Frederick Law Olmsted. David Starr Jordan was its first president. and the University of Hamburg As of 2006, the University of Hamburg supports 6 Collaborative Research Centres (Sonderforschungsbereiche, SFB), 6 Research Groups, 7 Research Training Groups (all funded by the DFG), 2 Max Planck Inter-national Research Schools, 13 Young Scientist Groups (Emmy-Noether-Programme, BMBF, . His 25-year career at Chase Manhattan Corporation began in 1971, taking him from Frankfurt to New York, Hong Kong Hong Kong (hŏng kŏng), Mandarin Xianggang, special administrative region of China, formerly a British crown colony (2005 est. pop. 6,899,000), land area 422 sq mi (1,092 sq km), adjacent to Guangdong prov. , Hamburg Hamburg, city, Germany Hamburg (häm`b  rkh), officially Freie und Hansestadt Hamburg (Free and Hanseatic City of Hamburg), city (1994 pop. and London and finally back to New York. In addition to the broad scope of his geographic experience, he has extensive knowledge of banking and management, developed through positions in credit analysis and oversight, responsibilities in client relationship and branch management, and management of strategic and restructuring projects. In 1992 he took over the position of Chief Financial Officer, and in 1995 he was named Vice Chairman of the Board. CONTACT: BHF-BANK Wilhelm Burmester 011-49-69-718-2419 or Heike Sinkel 011-49-69-718-3646 or Gavin Anderson & Company Cameron King 212/373-0218 |
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