Aareal Bank AG; Annual General Meeting, new Chairman of Supervisory Board and Change in Management B

Aareal Bank AG has confirmed its 2004 profit target of just under € 100 million. Karl-Heinz Glauner, Chairman of Aareal Bank’s Management Board, affirmed the bank’s guidance during the Annual General Meeting, stressing the significant progress made in reducing its German portfolio.

Compared to the portfolio size at the time of the decision to split the former DEPFA Group, back in October 2001, Aareal Bank had achieved a reduction by more than 50 per cent by the year-end 2003, either by taking loans off its books or using synthetic securitisation. “The remaining non-core business only amounts to approximately € 5 billion', Glauner added. “We are actively pursuing this strategy and continue to reduce our legacy portfolios. In the course of the first three months of 2004, we reduced our German property loan portfolio by another € 300 million gross, i.e. not taking into account new commitments.”

Supervisory Board
As expected, Hans Werner Reich has been appointed new Chairman of the Supervisory Board of Aareal Bank by the Supervisory Board meeting at 16 June 2004. He therewith succeeds Dr. Jürgen Westphal (76) who has retired from his office as chairman due to age reasons.
Reich (63) joined the Kreditanstalt für Wiederaufbau („KfW“) in 1966 and has been a member of the Management Board since 1990. In 1999, he was appointed Chairman of the Management Board of KfW. He has been a member of the Supervisory Board of Aareal Bank since June 2002.

Management Board
Christof Schörnig (37), as yet deputy member of the Management Board of Aareal Bank AG, has been appointed ordinary member of the management board of Aareal Bank AG with effect from 16 June 2004 during the Supervisory Board meeting at 16 June 2004. Within the Managements Board Mr. Schörnig is, among others, responsible for the Treasury business and the IT department of Aareal Bank Group.

Source: Aareal Bank

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