Jörg Krämer (38) will become the new Chief Economist and head of the Economics Department of HVB Group. On April 1, 2005, he will succeed Martin Hüfner (62) who from then on will act as consultant to the Management Board of HVB. At the same time the Economics Department will merge with other analyst units.

Already in March this year, the Bank combined equities, foreign exchange/fixed income and credit units under the name HVB Global Markets Research. Upon integration of
the Economics Department, this restructuring will be completed. The aim is to achieve stronger integration of various units in order present customers independent of the asset class with innovative ideas and suggestions with regard to markets and products. Under this structure, Jörg Krämer will report to Thorsten Weinelt, Global Head of Research.

Jörg Krämer, previously Chief Economist of the fund management company INVESCO Asset Management Deutschland GmbH, will join HVB Group on January 1, 2005 as designated Chief Economist and Head of the Economics Department. He began his career in 1992 in the Economy Department of the Kiel Institute for World Economics and did his doctorate in 1995 with Prof. Horst Siebert, the institute´s former president. In 1997, after working as Germany Economist with Merrill Lynch in Frankfurt, he became Senior Economist with INVESCO. Since 2000 as Chief Economist he has represented macro-economic positions vis-à-vis institutional customers and the media. In addition, he is responsible for asset allocation in the products managed from Frankfurt.

Martin Hüfner has been Chief Economist for Bayerische Vereinsbank since 1988 and after the merger in 1998 for HVB. He is also Chairman of the Economic and Monetary Affairs Committee (EMAC) of the European Banking Federation and Chairman of the Committee for Economic and Currency Policy of the Association of German Banks.

Source: HVB

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