Change in the BRE Bank Management Board

Change in the BRE Bank Management Board

Following organizational change in the Commerzbank Group, the majority shareholder of BRE Bank, the composition of the BRE Bank Management Board will change. 

After successful completion of negotiations to acquire a majority stake in the Ukrainian Bank Forum and on the receipt of regulatory permits, Commerzbank reorganizes its business in Central and Eastern Europe. Commerzbank plans to group all of its branches and affiliates in the region, including BRE Bank, within a separate holding with independent management and reporting. The new organisation reflects the fast growing importance of Central Europe in the Group. The new Central European holding will be headed by Dr Andre Carls, currently CEO of comdirect bank.

Reorganisation in the Commerzbank Group, the majority shareholder of BRE Bank, will imply changes in BRE Bank.As their current term ends, the new Supervisory Board and the new Management Board of BRE Bank will be appointed on 14 March. Mr Mariusz Grendowicz will be recommended for appointment as President of the Management Board. He will replace Mr Sławomir Lachowski, who in connection with the new organisation of the Commerzbank structure, is leaving BRE Bank to pursue new professional challenges. Mr Lachowski has served on the Bank’s Management Board since 2000, initially as Deputy President of the Management Board and Head of Retail Banking and, since November 2004 as the President. He is the creator of mBank and MultiBank and the author of BRE Bank’s new strategy and its financial success over the past years.

Mr Jerzy Jóźkowiak, Management Board Member and Chief Financial Officer, will also leave BRE Bank. Dr Andre Carls, currently CEO of comdirect bank, a company of the Commerzbank Group, will be recommended to the Supervisory Board as Mr Jóźkowiak’s successor.

Mr Christian Rhino of Commerzbank headquarters in Frankfurt is also recommended for appointment to the BRE Bank Management Board as its Chief Operating Officer. He will replace Rainer Ottenstein, the current COO who is moving to a managerial position in the Commerzbank branch in Prague.

The Management Board of Commerzbank AG, the majority shareholder of BRE Bank, will recommend to the Supervisory Board, which will be elected by the General Shareholders’ Meeting on 14 March 2008, the following appointments to the BRE Bank Management Board:Mr Mariusz Grendowicz as President of the Management Board,Mr Andre Carls as Deputy President and CFO,Mr Wiesław Thor as Deputy President and Head of Risk,Mr Christian Rhino as Management Board Member and COO.The other Members of the BRE Bank Management Board (Mr Janusz Wojtas, Mr Jarosław Mastalerz, and Mr Bernd Loewen) will be offered extension of their contracts.

“I want to thank Mr Sławomir Lachowski, Mr Jerzy Jóźkowiak, and Mr Rainer Ottenstein for their passionate and successful commitment, and I wish them success in their further professional career. It is mainly thanks to their work that our strong position in Poland has consolidated and that we have become one of the largest online banks in Europe. It is thanks to their efforts that BRE Bank’s profitability and value have grown steadily. The BRE Bank Group generated a consolidated profit before tax of PLN 954.5 million at the end of 2007,” said Mr Martin Blessing, Commerzbank Management Board Member responsible for Central and Eastern Europe.

“I am certain that BRE Bank headed by Mariusz Grendowicz will continue its growth trend,” said Mr Martin Blessing. “Grendowicz (47) contributes long-time experience gained as a Board Member of both Polish and international banks. He had, until the end of 2006, been the Deputy President of Bank BPH, the Polish subsidiary of HVB, at the time the third largest Polish bank, where he had been responsible among others for corporate banking and real estate finance. In 1997-2001, Grendowicz served on the Management Board of the Polish subsidiary of the Dutch ABN Amro Bank, most recently as its CEO and Country Head. Previously he held senior management positions at ING Bank in Warsaw and Budapest, within the latter that of the Deputy CEO. Grendowicz started his 24-year long banking career with the Australia and New Zealand Banking Group in London.” ***Mariusz Cezary Grendowicz (47) was Deputy President of the Management Board of Bank BPH S.A. from 2001 to 30 November 2006, responsible for Corporate Banking and Real Estate Finance. He started his international career in banking with Grindlays Bank (after acquisition a part of Australia and New Zealand Banking Group) in London in 1983 – 1991. He was with Citibank London in 1991 – 1992, and with ING Bank in 1992 – 1997, including managerial positions with ING in Poland in 1992 – 1995 and in Hungary in 1995 – 1997. After 1997 he was on the Management Board of ABN AMRO Bank Polska, most recently as President of the Management Board and CEO of the ABN AMRO Group in Poland.Mariusz Grendowicz studied Economics of Transport at the University of Gdańsk. After leaving Poland, he completed banking studies in the UK and qualified as an Associate of The Chartered Institute of Bankers (International Banking Diploma).

Dr Andre Carls, born in 1963, is the CEO of comdirect bank AG. He is responsible for business development, marketing, sales, service, and corporate communication. Carls is also Deputy Chairman of the Supervisory Board of comdirect’s daughter company comdirect private finance AG and Member of the Frankfurt Stock Exchange Council. After completing his studies of economics and getting a PhD at the University of Cologne, he participated in an international training programme and joined Commerzbank in 1990. He worked in several positions in Corporate Finance and Capital Markets. In 1998 – 2000 he made a valuable contribution to the expansion of Commerzbank’s Investment Banking Division in London. He has worked on the Management Board of comdirect bank AG since December 2000.

Christian Rhino,  he has been with Commerzbank since 2003. He is currently Global Head of Trade Finance and Transaction Services in Corporate Banking. Previously European Head of Trade Finance and Transaction Services and Managing Director of Corporate Banking, Commerzbank AG. In 1998 – 2001 he was with Deutsche Bank, first as e-commerce co-ordinator, later Head of value added services/ infrastructure of the e-business division responsible for the launch of the first e-commerce data centre for Deutsche Bank AG, and most recently as Deputy President of Corporate Banking.  
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