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Gerd Haeusler, CEO of Bayern LB attends a press conference in Munich/AFP

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BayernLB chief executive to step down

Gerd Haeusler, CEO of Bayern LB attends a press conference in Munich/AFP

Gerd Haeusler, CEO of Bayern LB attends a press conference in Munich/AFP

FRANKFURT, September 23 – Troubled German regional bank BayernLB said Monday its chief executive Gerd Haeusler is stepping down at the end of the year.

“Gerd Haeusler has informed the supervisory board of his intention to step down at the end of 2013, following the success in turning BayernLB around,” the bank said in a statement.

Haeusler, 62, took over as chief executive at short notice in April 2010 when BayernLB “found itself in the middle of an existential crisis as a result of the international financial crisis,” the statement said.

BayernLB’s difficulties were also due to a bad investment in Austrian bank Hypo Group Alpe Adria (HGAA), “which brought with it massive economic and legal problems”, the statement added.

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