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BMW Bank has appointed Kathrin Kerls as its new chair of the board of management.

She will take up the position in April and replaces Hans-Jürgen Cohrs, who is due to step down on the same date. He will remain to support her until he officially retires in June.

Kerls joins the company from UniCredit Bank, where she has worked since 2009. She was most recently head of special projects and restructuring projects and previously held management positions at Dresdner Bank.

Nicolas Peter, member of the board of management of BMW responsible for finance, said: "We are delighted to bring an experienced manager from an international credit institution like Kathrin Kerls on board.

"We would like to thank Hans-Jürgen Cohrs for his many years of successful service.”

Jürgen Cohrs has worked for the BMW Group for more than 30 years and held numerous management positions. He has been chairman of the board of management of BMW Bank since 2009.