Director General of Finance departs after decade of distinguished service

EIB today confirmed that René Karsenti, Director General of Finance at the Bank for the past decade, left the Bank effective end April to assume new duties as Executive President of ICMA (the International Capital Market Association).

Philippe Maystadt, President, said:

René has been an enormous asset to the Bank. He provided strong leadership of the finance function, helping us to grow in a controlled but innovative manner. His credentials as both an accomplished banker and committed European were exemplified by his pioneering work on the development of bond issuance in euros, which leveraged the advent of the single currency. He will be greatly missed and we wish him well in his new post.

As already announced, plans are in place to ensure an orderly transition to a new Director General of Finance, and the successor will be announced in due course.

In the interim period, until a new Director General takes office, the day to day responsibilities of the Director General will be principally carried by the three Directors of the Finance Directorate (1), under the leadership of the Vice President responsible for Finance, Philippe de Fontaine Vive Curtaz.

The European Investment Bank, based in Luxembourg, was set up under the Treaty of Rome in 1958. Owned by the European Union Member States, the EIB finances projects that contribute towards the integration, balanced development and economic and social cohesion of the Member Countries. Besides its activities in the EU Member States, the EIB finances projects in EU Acceding and Accession countries, as well as implementing the financial components of agreements concluded under European development aid and cooperation policies. The EIB operates on a non-profit maximising basis and lends at close to the cost of borrowing. The Bank has consistently enjoyed a AAA rating.

(1) These three Directors are the Heads of Department for Funding; Treasury; and Planning/Settlement of Operations respectively.